CBOT Closing Comments
Corn
Corn closed lower today after opening higher from overnight trading and sustaining double digit losses through the midday session. Profit taking and crude oil trading lower during the session provided weakness in corn prices. Though a lower dollar provides a positive trading support to corn futures, the effects from profit taking and a drop in crude oil futures trump this positive effect. This morning the Energy Department released their weekly US totals of petroleum products. US total gasoline ending stocks for the week ending December 12 was about 204 million barrels, up 0.64% from the previous week. This additional news item was not kind to corn futures due to corn ethanol production relation to petroleum, namely gasoline. CBOT March Corn closed $3.89 per bushel, down 44 cents
Soybeans
Soybeans closed higher in the pit today after opening higher from overnight trading and trading lower during the midday session. Profit taking and lower crude oil futures helped lower soy complex futures, but bullish trading activity in wheat and a midday bull run in the financial markets helped the soy complex to end positive. A lowered dollar index also contributed to the positive close of the soy complex. CBOT January soybean closed $8.64 per bushel, up 5 1/2 cents; January Soy meal closed $263.20 per short ton, up $2.20; January Soy oil closed 31 cents per lbs, down 35 points
Wheat
Wheat at the CBOT, KCBT and MGEX all closed higher today. A lowered Dollar Index and a moderate midday bull run in the financial market helped wheat futures move to positive territory. US wheat exports have been weak of late due to cheaper wheat supplies abroad but with the sharp declines in US dollar help to bring some buying interest back. US have finer quality milling wheat, while most Black Sea wheat are only feed quality grade. CBOT March wheat closed at $5.57 per bushel, up 13.4 cents; KCBT March wheat closed at $5.78, up 13.2 cents; MGEX March wheat closed at $6.19, up 11.6 cents.
Corn closed lower today after opening higher from overnight trading and sustaining double digit losses through the midday session. Profit taking and crude oil trading lower during the session provided weakness in corn prices. Though a lower dollar provides a positive trading support to corn futures, the effects from profit taking and a drop in crude oil futures trump this positive effect. This morning the Energy Department released their weekly US totals of petroleum products. US total gasoline ending stocks for the week ending December 12 was about 204 million barrels, up 0.64% from the previous week. This additional news item was not kind to corn futures due to corn ethanol production relation to petroleum, namely gasoline. CBOT March Corn closed $3.89 per bushel, down 44 cents
Soybeans
Soybeans closed higher in the pit today after opening higher from overnight trading and trading lower during the midday session. Profit taking and lower crude oil futures helped lower soy complex futures, but bullish trading activity in wheat and a midday bull run in the financial markets helped the soy complex to end positive. A lowered dollar index also contributed to the positive close of the soy complex. CBOT January soybean closed $8.64 per bushel, up 5 1/2 cents; January Soy meal closed $263.20 per short ton, up $2.20; January Soy oil closed 31 cents per lbs, down 35 points
Wheat
Wheat at the CBOT, KCBT and MGEX all closed higher today. A lowered Dollar Index and a moderate midday bull run in the financial market helped wheat futures move to positive territory. US wheat exports have been weak of late due to cheaper wheat supplies abroad but with the sharp declines in US dollar help to bring some buying interest back. US have finer quality milling wheat, while most Black Sea wheat are only feed quality grade. CBOT March wheat closed at $5.57 per bushel, up 13.4 cents; KCBT March wheat closed at $5.78, up 13.2 cents; MGEX March wheat closed at $6.19, up 11.6 cents.