CBOT Closing Comments
Soybeans
May soybeans settled 5 3/4 cents higher at USD9.51 1/4 per bushel; July soymeal ended unchanged at USD278.40; July soyoil settled 32 points, higher at 38.44. Crude was down heavily again, and outside influences like the DJIA also weighed. There was an element of a rebound from last night's sharp losses. as the trade now starts to look to next week's USDA report. Informa Economics estimated 2010 soybean acres at 78.5 million compared to the USDA's March estimate of 78.098 million.
Corn
May corn ended up 3/4 cent to USD3.64 3/4 per bushel, and July corn closed up 3/4 cent at USD3.72. It was a relatively quiet end to frenetic week, outside influences like the stock market, US dollar and crude oil have weighed on corn. Even so, with US plantings at around 75% complete, corn has performed quite well under the circumstances. Informa Economics pegged 2010 US corn acres at 89.6 million, higher than the USDA's March estimate of 88.941 million.
Wheat
CBOT July wheat ended 2 1/4 cents higher at USD5.10 1/2; KCBT July wheat settled 1 1/2 cents higher at USD5.21; MGE July wheat finished 4 1/2 cents higher at USD5.41 1/2. Temperatures in the low thirties will pose a risk for wheat in western Kansas and Nebraska and the Dakotas over the weekend. Large shorts in wheat leave the market vulnerable to seemingly unprompted short-covering. Informa peg this season's winter wheat crop at 1.466 billion bushels - just under 40 MMT - that's 57 million bushels lower than 2009's production. They estimate average yields at 46 bu/acre, that might be optimistic based on the findings of the Kansas wheat tour earlier in the week.
May soybeans settled 5 3/4 cents higher at USD9.51 1/4 per bushel; July soymeal ended unchanged at USD278.40; July soyoil settled 32 points, higher at 38.44. Crude was down heavily again, and outside influences like the DJIA also weighed. There was an element of a rebound from last night's sharp losses. as the trade now starts to look to next week's USDA report. Informa Economics estimated 2010 soybean acres at 78.5 million compared to the USDA's March estimate of 78.098 million.
Corn
May corn ended up 3/4 cent to USD3.64 3/4 per bushel, and July corn closed up 3/4 cent at USD3.72. It was a relatively quiet end to frenetic week, outside influences like the stock market, US dollar and crude oil have weighed on corn. Even so, with US plantings at around 75% complete, corn has performed quite well under the circumstances. Informa Economics pegged 2010 US corn acres at 89.6 million, higher than the USDA's March estimate of 88.941 million.
Wheat
CBOT July wheat ended 2 1/4 cents higher at USD5.10 1/2; KCBT July wheat settled 1 1/2 cents higher at USD5.21; MGE July wheat finished 4 1/2 cents higher at USD5.41 1/2. Temperatures in the low thirties will pose a risk for wheat in western Kansas and Nebraska and the Dakotas over the weekend. Large shorts in wheat leave the market vulnerable to seemingly unprompted short-covering. Informa peg this season's winter wheat crop at 1.466 billion bushels - just under 40 MMT - that's 57 million bushels lower than 2009's production. They estimate average yields at 46 bu/acre, that might be optimistic based on the findings of the Kansas wheat tour earlier in the week.