Chicago Closing Comments
Corn
March corn futures settled lower Thursday. Renewed concerns over the impact of the recessionary economy domestic and global placed bearish pressure to grains and soy. A weaker crude oil and stock market added further bear pull to corn. This morning the USDA released their weekly export numbers for the week ending 01/01/09. Corn unmilled exports shipped was 611,510MT, a 2% increase from the previous week. Corn umilled export net sales were 260,597MT, a 23% decrease from the previous week. These numbers reflected continued poor corn export demand, thus more bearish pressure to corn futures. March corn settled at $4.06 3/4, down 9 3/4 cents; December corn settled at $4.50 1/4, down 10 1/4 cents.
Soybeans
Soy complex closed mixed in today's session. Soybean and soy oil futures closed lower, while soy meal futures closed higher. Continued strength in soybean export demand especially from China and a relatively weak US dollar provided bullish support to soybeans and in turn soy meal. Forecasted improvement in weather conditions of key soy crop areas in Brazil and Argentina in the upcoming days limit gains in soybean and meal. A weaker crude oil since the opening of grains and soy trading this morning plus a lower palm oil market added bearish pressure to soy oil and undermined the strong US soy oil export sales numbers. USDA released their weekly export numbers for the week ending 01/01/09. Exports shipped of soybean, meal/cake and oil respectively were 804,356MT (13% decrease from previous week), 104,710MT (181% increase from previous week), and 8529MT (357% increase from previous week). Export net sales were 529,694MT (4% increase from previous week) for soybeans, 19,674MT (55% decrease from previous week) for soy meal/cake, and 3534MT (152% increase from previous week) for soy oil. January soybean closed at $9.89, down 1 cent; January soy meal closed at $299.00, up $4.00; January soy oil closed at $35.52, down 40 cents.
Wheat
Wheat futures in Chicago and Kansas City finished mildly lower. In Minneapolis, wheat futures finished slightly higher. Weakness in crude oil and the stock market provided bearish pressure to wheat. Concerns over the recession in the US and globally, especially the increase in US job losses and other macroeconomic factors added bearish pressure. Cheaper and highly competitive foreign feed wheat affected an already slow US wheat export demand, and thus added to the bear pull. This morning the USDA released their weekly export numbers for the week ending 01/01/09. Wheat exports shipped was 351,876MT, a 99% increase from the previous week. Wheat export net sales were 41,850MT, a 90% decrease from the previous week. March CBOT wheat finished at $6.12 1/2, down 3/4 cent; March KCBT wheat finished at $6.33 1/4, down 3 3/4 cents; March MGEX wheat finished at $6.64 1/2, up 1/2 cent.
March corn futures settled lower Thursday. Renewed concerns over the impact of the recessionary economy domestic and global placed bearish pressure to grains and soy. A weaker crude oil and stock market added further bear pull to corn. This morning the USDA released their weekly export numbers for the week ending 01/01/09. Corn unmilled exports shipped was 611,510MT, a 2% increase from the previous week. Corn umilled export net sales were 260,597MT, a 23% decrease from the previous week. These numbers reflected continued poor corn export demand, thus more bearish pressure to corn futures. March corn settled at $4.06 3/4, down 9 3/4 cents; December corn settled at $4.50 1/4, down 10 1/4 cents.
Soybeans
Soy complex closed mixed in today's session. Soybean and soy oil futures closed lower, while soy meal futures closed higher. Continued strength in soybean export demand especially from China and a relatively weak US dollar provided bullish support to soybeans and in turn soy meal. Forecasted improvement in weather conditions of key soy crop areas in Brazil and Argentina in the upcoming days limit gains in soybean and meal. A weaker crude oil since the opening of grains and soy trading this morning plus a lower palm oil market added bearish pressure to soy oil and undermined the strong US soy oil export sales numbers. USDA released their weekly export numbers for the week ending 01/01/09. Exports shipped of soybean, meal/cake and oil respectively were 804,356MT (13% decrease from previous week), 104,710MT (181% increase from previous week), and 8529MT (357% increase from previous week). Export net sales were 529,694MT (4% increase from previous week) for soybeans, 19,674MT (55% decrease from previous week) for soy meal/cake, and 3534MT (152% increase from previous week) for soy oil. January soybean closed at $9.89, down 1 cent; January soy meal closed at $299.00, up $4.00; January soy oil closed at $35.52, down 40 cents.
Wheat
Wheat futures in Chicago and Kansas City finished mildly lower. In Minneapolis, wheat futures finished slightly higher. Weakness in crude oil and the stock market provided bearish pressure to wheat. Concerns over the recession in the US and globally, especially the increase in US job losses and other macroeconomic factors added bearish pressure. Cheaper and highly competitive foreign feed wheat affected an already slow US wheat export demand, and thus added to the bear pull. This morning the USDA released their weekly export numbers for the week ending 01/01/09. Wheat exports shipped was 351,876MT, a 99% increase from the previous week. Wheat export net sales were 41,850MT, a 90% decrease from the previous week. March CBOT wheat finished at $6.12 1/2, down 3/4 cent; March KCBT wheat finished at $6.33 1/4, down 3 3/4 cents; March MGEX wheat finished at $6.64 1/2, up 1/2 cent.