CBOT Closing Comments

Soybeans

May Soybeans closed at USD9.75 ¾, down 13 ¾ cents; Nov Soybeans at USD9.66 ½, down 9 ¼ cents; May Soybean Meal at USD282.70, down USD8.60; May Soybean Oil at USD38.65, up 7 points. The USDA said that soybean plantings are 15% complete, compared with the five year average of 8% done. The Brazilian harvest is just about over at 97%, whilst Argentina is also well advanced at 67% complete. Weekly US export inspections came in at a low 7.2 million bushels.

Corn

May Corn futures closed at USD3.62 ¾, down 3 ½ cents; December Corn futures were at USD3.89 ½, down 2 ¾ cents. There were no more China corn purchases announced today. All eyes will be on Thursday's USDA export sales report to see exactly how much they did or didn't buy last week. The USDA advanced corn plantings from 50% done last week to 68% complete as of Sunday. That's much better than the five year average of 40% and should augur well for yield potential.

Wheat

May CBOT Wheat closed at USD4.90, down 1 ¾ cents; May KCBT Wheat at USD5.04, down 1 ½ cents; May MGEX Wheat at USD5.23 ½, down 2 ½ cents. Spring wheat planting is ahead of schedule at 60% planted versus 47% for the five year average with emergence also ahead at 23%. Winter wheat crop conditions fell slightly to 68% good/excellent, down one point from last week. Wheat export inspections were improved at 17.6 million bushels, 7.5 million bushels above last week.