Chicago Closes Higher Ahead Of USDA Report

March corn futures closed at USD3.56, up 4 ½ cents, and May corn futures at USD3.67 ½, also up 4 ½ cents. Futures recovered from recent heavy losses on short covering ahead of tomorrow's USDA report. For corn 2009/10 ending stocks are seen falling from 1.764 billion to 1.748 billion bushels.

March soybean futures closed at USD9.29 ½, up 16 cents, March soymeal futures at USD274.40, up USD3.40, and March soy oil futures at 37.95, up 0.95 points. In tomorrow's USDA report soybean stocks for 2009/10 are seen declining from 245 million to 219 million bushels.

March CBOT wheat futures finished at USD4.84, up 10 ¾ cents, March KCBT wheat futures at USD4.95 ½, up 11 cents, and March MGEX wheat futures at USD5.11 ¾, up 9 ¼ cents. Analyst's estimates for tomorrow's USDA report average 9.73 million bushels for ending stocks in the US and 195.95 MMT for world ending stocks.