CBOT Closing Comments
Soy
Soybeans closed higher as weather forecasters took some rain out of the Argentine projections for the weekend and early next week. March soybeans finished 9 1/2 cents higher at $9.80. Another bullish factor was data confirming that the US economy shrank less than economists forecast, indicating commodity demand may pick up.
Corn
March corn closed rangebound, down 2 3/4 cents to $3.79 per bushel. On one hand weekly export sales released yesterday were bullish, but demand from the ethanol and feed sectors is sluggish. South American weather uncertainties and a weak dollar underpinned futures, as did a modestly firmer crude oil price.
Wheat
Wheat had a bad day at the office with March CBOT closing 10 cents lower at $5.68 a bushel. Yesterdays export sales were very disappointing, tender business is subdued and world stocks are up from year ago levels.
Soybeans closed higher as weather forecasters took some rain out of the Argentine projections for the weekend and early next week. March soybeans finished 9 1/2 cents higher at $9.80. Another bullish factor was data confirming that the US economy shrank less than economists forecast, indicating commodity demand may pick up.
Corn
March corn closed rangebound, down 2 3/4 cents to $3.79 per bushel. On one hand weekly export sales released yesterday were bullish, but demand from the ethanol and feed sectors is sluggish. South American weather uncertainties and a weak dollar underpinned futures, as did a modestly firmer crude oil price.
Wheat
Wheat had a bad day at the office with March CBOT closing 10 cents lower at $5.68 a bushel. Yesterdays export sales were very disappointing, tender business is subdued and world stocks are up from year ago levels.