CBOT Closing Comments

Soybeans

May Soybeans closed at USD9.95 ½, up 11 ½ cents; May Soybean Meal at USD293, up USD0.55; May Soybean Oil at USD38.90, down 17 points. China bought 174,000 MT of US soybeans for 2010/11 delivery announced by private exporters today. Their ongoing trade dispute with Argentina doesn't look like it is going to be resolved anytime soon. Estimates for tomorrow's weekly export sales range from 450,000 to 650,000 MT.

Corn

May Corn futures closed at USD3.59 ¼, up 3 ¾ cents; December Corn futures were at USD3.87 ½, up 2 ¼ cents. US farmers have been very bust with corn plantings, although field progress looks likely to stall with 2 to 4 inches of rain over the next five days. Estimates for tomorrow's weekly export sales are between 850,000 and 1.1 MMT.

Wheat

May CBOT Wheat closed at USD4.87 ¼, up 1 ¼ cents; May KCBT Wheat at USD4.99 ¾, down 2 cents; May MGEX Wheat at USD5.16 ¼, down 3 cents. It's already been a very volatile week for wheat, with futures closing sharply higher last night, after being sharply lower on Monday. Trade estimates for tomorrow's weekly export sales report range from 350,000 to 500,000 MT.