CBOT Closing Comments

Soybeans

May Soybeans closed at USD9.30 1/2, down 27 1/2 cents; May Soybean Meal was at USD252.60, down USD6.60/tonne; May Soybean Oil was at 40.11, down 91 points. Weekly export sales were negative for beans after China cancelled a couple of cargoes, although they did buy something for 2010/11. Actual shipments of 933,000 MT were still pretty impressive however, with China once again the main home taking 648,800 MT. The Buenos Aires Grain Exchange upped it's estimate for Argy soybean production to 53.5 MMT from 52 MMT.

Corn

March Corn futures closed at USD3.55 ½, unchanged; December corn futures were at USD3.95 ¼, up ½ cent. Export sales for 2009/10 delivery were poor at 338,800 MT, down 53% from the four week average. Shipments of 964,800 MT were down 9 percent from the previous week, but up 9 percent from the prior 4-week average. Warming temperatures in the Midwest will bring snowmelt and further flooding to many areas, that may well delay spring corn plantings.

Wheat

May CBOT Wheat closed at USD4.78 ¾, down 2 ¾ cents; May KCBT Wheat at USD4.89 ½, down 1 ½ cents; May MGEX Wheat at USD5.04 ½, down 2 cents. Weekly export sales were pretty good at 407,900 MT for 2009/10 delivery and 40,500 MT for 2010/11 delivery. Actual shipments of 541,000 MT were up 15 percent from the previous week and 24 percent from the prior 4-week average. This now puts the US slightly ahead of the USDA's export target for the current marketing year.