CBOT Closing Comments

Soybeans

May Soybeans closed at USD9.77, up 1 ¼ cents; Nov Soybeans at USD9.63, down 3 ½ cents; May Soybean Meal at USD285.50, up USD2.80; May Soybean Oil at 38.36, down 29 points. Planting progress was at 15% last night, almost double the five year average of 8%. Crude oil was also sharply lower which weighed on price levels. Harvesting is well advanced in Brazil and Argentina.

Corn

May Corn futures closed at USD3.57, down 5 ¾ cents; December Corn futures were at USD3.83 ¾, down 5 ¾ cents. Corn planting is very well advanced, according to the USDA. Emergence of the crop was pegged at 19%, up from 7% last week, 4% last year, and the 9% five year average. At the moment it seems like the greatest threat to this early-planted crop would be a May freeze. There may be one on the cards this weekend.

Wheat

May CBOT Wheat closed at 4.99 ¾, up 9 ¾ cents; May KCBT Wheat at USD5.14, up 10 cents; May MGEX Wheat at USD5.32, up 8 ½ cents. Weather forecasts call for temps in the low 30's by the weekend, which prompted some short-covering. CBOT couldn't quite manage to close above USD5/bushel, which may weigh ultimately. Australia may only have a 2010/11 wheat crop of 20 MMT according to the Commonwealth Bank of Australia.