Nogger's Blog

09/03/11 -- Soybeans: Mar 11 soybeans closed at USD13.44, down 31 1/2 cents; Mar 11 soybean meal closed at USD348.50, down USD6.90; Mar 11 soybean oil closed at 56.67, down 130 points. The USDA will release their monthly world supply demand figures tomorrow, and will probably raise soybean production numbers in South America. Further selling ahead of this report was evident again today. Mar beans have now fallen by 64 cents this week alone, with Mar meal down USD15.30 and oil by 229 points. Outside markets offered little support with crude oil and metals also falling.

Corn: Mar 11 corn closed at USD6.95, down 3 3/4 cents; Dec 11 corn closed at USD6.10 1/4, up 1/4 cent. Mar corn closed below USD7/bushel for the second day running for a 26 1/4 cent loss on the week so far even though tomorrow's USDA report isn't expected to contain much in the way of bearish news for corn. Once that is out of the way the trade will start to concentrate on the month-end planting intentions numbers. These are expected to show a significant increase in US corn plantings this spring based on current price levels.

Wheat: Mar 11 CBOT wheat closed at USD7.32 1/4, down 19 cents; Mar 11 KCBT wheat ended at USD8.53 1/2, down 11 cents; Mar 11 MGEX wheat finished at USD8.92, down 20 cents. Mar CBOT wheat is down 68 1/4 cents on the week so far. India says that it's Mar 1st wheat stocks were a more than ample 17.2 MMT, and they are expected to add around 82-83 MMT more to that when the impending harvest is concluded. China says that it is done buying Australian wheat for now. After beneficial recent precipitation the North China Plain is seen reverting back to a drier pattern.