CBOT Closing Comments

Well, this has to be on of the most amazing sessions, and sets of figures, of all-time.

As I have been saying for a while, for me the most important figure today was the US wheat planted acres.

The USDA delivered a set of truly stunning numbers, with carryout for all three commodities significantly higher than had been expected.

The 2008 winter wheat plantings, ie what is/has gone in the ground for the 2009 summer crop, figure was in my opinion awesome. The figure was way below the average trade estimate by a "country mile" as we say here in England.

But despite it all futures closed sharply lower. Limit lower in fact on just about everything.

With crude oil well down, this might be correct for corn, and soy, but for wheat with the kind of acreage news we've had today it seems like today's losses have been overdone.

March corn closed at $3.80 3/4, down 30 cents; January soybean settled at $9.54, down 83 1/2 cents; March CBOT wheat finished at $5.69 3/4, down 59 3/4 cents