CBOT Review
Corn
May corn closed at $3.84 ½, down 9 ¾ cents. Talk of improved weather forecasts should allow corn planting to pick up as the month of April wears on. Export sales estimates for tomorrow’s report range from 800,000 to 950,000 MT. The EIA (Energy Information Administration) forecast that this summer’s US driving season to be very different from last year as high unemployment will curb consumer spending for unnecessary driving.
Soybeans
May soybeans ended at $10.35, down 1 cent after an early run up to new 2-1/2 month highs failed to follow through. Trade estimates for USDA weekly sales report range between 500,000 and 900,000 tonnes for soybeans. Whilst China remains a strong buyer of US beans, old crop carryout will just get tighter and tighter. Until they switch whole-heartedly to South America then we can expect nearby beans to remain tight.
Wheat
May CBOT wheat closed at $5.15 ¼, down 7 cents. Better weather conditions expected for crops over the next 6 to10 and 8 to 14 days pressured wheat lower. USDA weekly sales report for wheat ranges between 300,000 and 400,000 tonnes.
May corn closed at $3.84 ½, down 9 ¾ cents. Talk of improved weather forecasts should allow corn planting to pick up as the month of April wears on. Export sales estimates for tomorrow’s report range from 800,000 to 950,000 MT. The EIA (Energy Information Administration) forecast that this summer’s US driving season to be very different from last year as high unemployment will curb consumer spending for unnecessary driving.
Soybeans
May soybeans ended at $10.35, down 1 cent after an early run up to new 2-1/2 month highs failed to follow through. Trade estimates for USDA weekly sales report range between 500,000 and 900,000 tonnes for soybeans. Whilst China remains a strong buyer of US beans, old crop carryout will just get tighter and tighter. Until they switch whole-heartedly to South America then we can expect nearby beans to remain tight.
Wheat
May CBOT wheat closed at $5.15 ¼, down 7 cents. Better weather conditions expected for crops over the next 6 to10 and 8 to 14 days pressured wheat lower. USDA weekly sales report for wheat ranges between 300,000 and 400,000 tonnes.