Nogger's Blog

27/01/11 -- The overnight grains closed mixed with beans and wheat flat to a cent lower and corn around 2c firmer.

There's not much change on the grains, and little movement on the dollar or crude oil either.

Weekly export sales from the USDA were robust for wheat, coming in above 1 MMT for the second week running. Bean sales weren't too far away from that total either, although corn sales were a tad under expectations.

Soymeal sales were disappointing, and also US stocks were seen higher, which may pressure meal relative to beans and oil tonight.

The wheat market is still all excited about North African and Middle Eastern buying. Bangladesh has also joined in the fun, tendering for 50,000 MT of wheat.

The December soybean census crush was 153.05 million bushels, above the average estimate of 152.0 million.

Argentine rains have arrived in force. "The first five days of the latest wet weather regime has past in Argentina and it hasn’t disappointed. Two, three, and even some four inch totals have been seen in key central growing regions and another 10 days of unstable conditions are expected to continue," say QT Weather.

The market still expects that this may have come a bit late for corn though.

Chinese buying may slow down somewhat for their New Year celebrations.

Things just feel a little jaded so far today. As ever large fund length leaves the market vulnerable to downside corrections on days like this. The bulls do after all need to be fed every day, they didn't get fed on Turnaround Tuesday and beans fell 30c.

Early calls for this afternoon's CBOT session: Wheat and corn up 1-2 cents, soybeans down 1-2c.