CBOT Closing Comments
Soybeans
The soy complex closed higher with May Soybeans at USD9.52, up 9 ½ cents; May Soybean Meal at USD270.90, up USD5.00/ton and May Soybean Oil at USD38.95, up 25 points. With the harvest in Argentina just getting going, dockers in the major exporting port of San Martin have timed their strike action well. News that the police have closed the main access road into the docks was supportive for US beans. Analyst estimates for Wednesday's planting intentions report average 78.55 million acres for soybeans, with a range of 77.43 to 79.50 acres. The USDA projected plantings at 77 million acres at their Outlook Forum in February. Stocks are expected to come in at 1.207 billion bushels.
Corn
Futures just about managed to close in positive territory with May ending at USD3.56 ¼, up 1 ¼ cents and December at USD3.85 ½, up ¾ cent. Analysts estimates for the planting intentions report peg US corn acreage at 88.94 million acres with a broad looking range of 87 to 90.15 million acres. The USDA projected sowings of 89 million acres at their Outlook Forum in February. Stocks are expected to come in at 7.505 billion bushels. "Strong warming and sunshine next week will encourage rapid drying in the Upper Midwest. Not much rainfall is in the forecast either, just a light showers on the weekend. With steadily warming temperatures in April, soggy fields may dry out in time for corn seeding May 1," says Gail Martell of Martell Crop Projections.
Wheat
May CBOT Wheat closed at USD4.64 ¾, down 1 ¾ cents; May KCBT Wheat at USD4.75 ½, down 1 ¼ cents; May MGEX Wheat at USD4.97, down ¾ cent. Wheat futures finished around 18 cents down on the week, as the US continues to lose out on exports, setting fresh contract lows. Analysts estimates for the planting intentions report peg US all wheat acreage at 53.33 million acres with a range of 51.9 to 54.9 million acres. The average estimate represents a decrease of almost 10% on last year's 59.13 million acres. Stocks are expected to come in at 1.364 billion bushels. "A year-long drought in Western Canada threatens to reduce the 2010 spring wheat production in Alberta, which is Canada’s second largest wheat province behind Saskatchewan, growing roughly 38% of the nation's hard red spring wheat," says Gail Martell of Martell Crop Projections.
The soy complex closed higher with May Soybeans at USD9.52, up 9 ½ cents; May Soybean Meal at USD270.90, up USD5.00/ton and May Soybean Oil at USD38.95, up 25 points. With the harvest in Argentina just getting going, dockers in the major exporting port of San Martin have timed their strike action well. News that the police have closed the main access road into the docks was supportive for US beans. Analyst estimates for Wednesday's planting intentions report average 78.55 million acres for soybeans, with a range of 77.43 to 79.50 acres. The USDA projected plantings at 77 million acres at their Outlook Forum in February. Stocks are expected to come in at 1.207 billion bushels.
Corn
Futures just about managed to close in positive territory with May ending at USD3.56 ¼, up 1 ¼ cents and December at USD3.85 ½, up ¾ cent. Analysts estimates for the planting intentions report peg US corn acreage at 88.94 million acres with a broad looking range of 87 to 90.15 million acres. The USDA projected sowings of 89 million acres at their Outlook Forum in February. Stocks are expected to come in at 7.505 billion bushels. "Strong warming and sunshine next week will encourage rapid drying in the Upper Midwest. Not much rainfall is in the forecast either, just a light showers on the weekend. With steadily warming temperatures in April, soggy fields may dry out in time for corn seeding May 1," says Gail Martell of Martell Crop Projections.
Wheat
May CBOT Wheat closed at USD4.64 ¾, down 1 ¾ cents; May KCBT Wheat at USD4.75 ½, down 1 ¼ cents; May MGEX Wheat at USD4.97, down ¾ cent. Wheat futures finished around 18 cents down on the week, as the US continues to lose out on exports, setting fresh contract lows. Analysts estimates for the planting intentions report peg US all wheat acreage at 53.33 million acres with a range of 51.9 to 54.9 million acres. The average estimate represents a decrease of almost 10% on last year's 59.13 million acres. Stocks are expected to come in at 1.364 billion bushels. "A year-long drought in Western Canada threatens to reduce the 2010 spring wheat production in Alberta, which is Canada’s second largest wheat province behind Saskatchewan, growing roughly 38% of the nation's hard red spring wheat," says Gail Martell of Martell Crop Projections.