CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.76 ¾, down 8 ½ cents; May Soybean Meal at USD283.90, up USD3.00; May Soybean Oil at USD38.93, down 87 points. Soybeans did the best of the grains complex on ideas that US corn plantings progressed very swiftly last week, reducing the chance of switching some acres into beans. The USDA announced a swap of 165,000 MT of soybeans for 2009/10 delivery for China that were moved to the 2010/11. Crude oil was sharply lower which had a negative influence, particularly on soybean oil.
Corn
May Corn closed at USD3.47 ¾, down 16 ¼ cents; December Corn futures ended at USD3.78, also down 16 ¼ cents. Today wiped out almost all of last week's corn gains. A glorious week last week was confirmed after the close, with the USDA reporting 19% of the crop planted compared to 9% for the five year average. Private exporters announced the sale of 120,000 MT of corn to unknown destinations and 110,000 MT of corn sold to South Korea for 2009/10 delivery. Crude oil was sharply lower as the Goldman Sachs affair hit confidence and the ongoing Icelandic volcano eruptions bring EU air traffic to a virtual standstill.
Wheat
May CBOT Wheat finished at USD4.67 ¾, down 22 ¾ cents; May KCBT Wheat at USD4.83 ¼, down 23 ¼ cents; May MGEX Wheat at USD5.00 ¾, down 19 ¼ cents. Wheat gave up just about all of last week's gains in one session. The USDA report US winter wheat conditions are 69 percent good/excellent, up from 65 percent last week and 43 percent last year. Although US winter wheat plantings are down, conditions like this may mean only a negligible, if any, fall in production this year. Spring wheat is 20 percent planted vs the five year average of 14 percent.
May Soybeans closed at USD9.76 ¾, down 8 ½ cents; May Soybean Meal at USD283.90, up USD3.00; May Soybean Oil at USD38.93, down 87 points. Soybeans did the best of the grains complex on ideas that US corn plantings progressed very swiftly last week, reducing the chance of switching some acres into beans. The USDA announced a swap of 165,000 MT of soybeans for 2009/10 delivery for China that were moved to the 2010/11. Crude oil was sharply lower which had a negative influence, particularly on soybean oil.
Corn
May Corn closed at USD3.47 ¾, down 16 ¼ cents; December Corn futures ended at USD3.78, also down 16 ¼ cents. Today wiped out almost all of last week's corn gains. A glorious week last week was confirmed after the close, with the USDA reporting 19% of the crop planted compared to 9% for the five year average. Private exporters announced the sale of 120,000 MT of corn to unknown destinations and 110,000 MT of corn sold to South Korea for 2009/10 delivery. Crude oil was sharply lower as the Goldman Sachs affair hit confidence and the ongoing Icelandic volcano eruptions bring EU air traffic to a virtual standstill.
Wheat
May CBOT Wheat finished at USD4.67 ¾, down 22 ¾ cents; May KCBT Wheat at USD4.83 ¼, down 23 ¼ cents; May MGEX Wheat at USD5.00 ¾, down 19 ¼ cents. Wheat gave up just about all of last week's gains in one session. The USDA report US winter wheat conditions are 69 percent good/excellent, up from 65 percent last week and 43 percent last year. Although US winter wheat plantings are down, conditions like this may mean only a negligible, if any, fall in production this year. Spring wheat is 20 percent planted vs the five year average of 14 percent.