Nogger's Blog

23/03/11 -- Soybeans: May 11 Soybeans closed at USD13.51 1/4, down 14 1/4 cents; May 11 soybean meal closed at USD360.00, down USD6.40; May 11 soybean oil closed at 55.48, down 38 points. The USDA reported 105,000 MT of soybeans sold to "unknown" for 2011/12, but other than that there was very little to get excited about. Mixed reports coming out of Brazil are suggesting lower yields in some states like Mato Grosso, but higher ones in Rio Grande do Sul. The trade is focusing on the Mar 31st planting intentions report for direction, with 75.3 to 79 million acres of soybeans the range of trade guesses.

Corn: May 11 corn closed at USD6.81, down 5 3/4 cents; Dec 11 Corn closed at USD6.09 3/4, down 2 1/2 cents. Trade remains sideways ahead of next week's USDA acreage report where estimates for US corn acres this spring are 91.2 to 93 million. Despite widespread "insider" reports of recent US corn sales to China there has been no confirmation forthcoming from the USDA. Maybe we will get some tomorrow when the issue their weekly export sales report? Trade estimates for that range from 750 thousand to 1 million MT.

Wheat: May 11 CBOT wheat closed at USD7.14 1/4, down 8 cents; May 11 KCBT wheat closed at USD8.30, down 15 cents; May 11 MGEX wheat closed at USD8.59, down 7 cents. Increased chances for rain/snow in HRW wheat areas was enough to drag futures lower ahead of next week's acreage and quarterly stocks data from the USDA. That is expected to show US farmers giving over between 55.5 and 57.65 million acres to wheat for the 2011 harvest. Trade estimates for tomorrow's weekly export sales range from 500 to 800 thousand MT.