Nogger's Blog

16/09/11 -- Soybeans: Nov 11 Soybeans closed at USD13.55 1/2, down 3 1/4 cents; Jan 12 Soybeans closed at USD13.67, down 3 1/4 cents; Oct 11 Soybean Meal closed at USD348.70, down USD0.90; Oct 11 Soybean Oil closed at 56.55, up 33 points. Nov beans posted it's fifth down day in a row, losing 71 cents on the week as fund money exits the market. Falling outside markets were also a negative influence on nervousness ahead of next week's two day Fed meeting.

Corn: Dec 11 Corn closed at USD6.92, down 9 cents; Mar 12 Corn closed at USD7.05 1/2, down 9 1/4 cents. Funds were heavy sellers, dumping an estimated 10,000 contracts on the day to add to the 25,000 disposed of on Thursday. Dec finished the week 44 1/2 cents lower than it started it. This was the first sub-USD7.00/bu close for a front month since 18th August. Falling yields, frost damage, it all goes out of the window when the funds want out.

Wheat: Dec 11 CBOT Wheat closed at USD6.88 1/4, down 7 3/4 cents; Dec 11 KCBT Wheat closed at USD7.84, down 11 1/4 cents; Dec 11 MGEX Wheat closed at USD8.56 1/4, down 14 3/4 cents. Chicago wheat lost 41 1/2 cents on the week, with Kansas down 62 cents and Minneapolis falling 51 cents. Funds sold an estimated 2,000 Chicago contracts on the day. Spillover weakness from corn depressed wheat as did pressure from external markets.