CBOT Closing Comments
Soybeans
January soybeans closed at USD10.17 3/4, down 32 3/4 cents, January Soybean Meal at USD307.00, down 10.90 points and January Soybean Oil is at 39.99, down 0.68 points. China increased short term interest rates in an effort to slow their economy, that got the market spooked from the off. Weekly export sales were reasonable for soybeans at 726,100 MT, including 452,600 MT for China. Actual shipments were a robust 1,179,000 MT with half of that (641,100 MT) going to China. Conab upped their forecast for Brazilian soybean production in 2010 from 64.6 MMT to 65.2 MMT, a new record.
Corn
March corn futures ended at USD4.17 1/2, down 4 1/4 cents, May corn futures finished at $4.28, down 4 cents. Monsanto see 2010 US corn acres at 88 million, that's an increase from 86.351 million last year. Export sales were down 67% from the prior four week average at 364,700 MT but shipments were up 16% at 798,100 MT. The Buenos Aries Grain Exchange increased their estimates for Argentine corn production to 16.5 MMT, up from last week’s 15.8 MMT.
Wheat
March CBOT wheat closed at USD5.57 3/4, down 9 1/2 cents. Prices seem to remain bound in a trading range between $5.25 and $6.00. Net weekly export sales of just 93,400 MT were very poor, a marketing-year low in fact. The trade had been expecting sales of 250-450,000 MT. Exports of 244,200 MT were also slow with Nigeria (102,100 MT) the main destination. Some damage to winter wheat unprotected by snow may be occurring in Kansas and parts of Nebraska.
January soybeans closed at USD10.17 3/4, down 32 3/4 cents, January Soybean Meal at USD307.00, down 10.90 points and January Soybean Oil is at 39.99, down 0.68 points. China increased short term interest rates in an effort to slow their economy, that got the market spooked from the off. Weekly export sales were reasonable for soybeans at 726,100 MT, including 452,600 MT for China. Actual shipments were a robust 1,179,000 MT with half of that (641,100 MT) going to China. Conab upped their forecast for Brazilian soybean production in 2010 from 64.6 MMT to 65.2 MMT, a new record.
Corn
March corn futures ended at USD4.17 1/2, down 4 1/4 cents, May corn futures finished at $4.28, down 4 cents. Monsanto see 2010 US corn acres at 88 million, that's an increase from 86.351 million last year. Export sales were down 67% from the prior four week average at 364,700 MT but shipments were up 16% at 798,100 MT. The Buenos Aries Grain Exchange increased their estimates for Argentine corn production to 16.5 MMT, up from last week’s 15.8 MMT.
Wheat
March CBOT wheat closed at USD5.57 3/4, down 9 1/2 cents. Prices seem to remain bound in a trading range between $5.25 and $6.00. Net weekly export sales of just 93,400 MT were very poor, a marketing-year low in fact. The trade had been expecting sales of 250-450,000 MT. Exports of 244,200 MT were also slow with Nigeria (102,100 MT) the main destination. Some damage to winter wheat unprotected by snow may be occurring in Kansas and parts of Nebraska.