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Posted by Nogger - a legend in his own mind at 08:03 | Categorized as

27/09/11 -- Soybeans: Nov 11 Soybeans closed at USD12.63, up 3 1/4 cents; Jan 12 Soybeans closed at USD12.75, up 3 3/4 cents; Oct 11 Soybean Meal closed at USD326.60, up USD0.40; Oct 11 Soybean Oil closed at 52.57, up 35 points. The complex finished firmer but well off session highs as a bit more caution over a cure-all for Europe crept back in. Another reason for caution is Friday's upcoming USDA quarterly stocks report which is expected to show US inventories of 225 million bushels, unchanged from last month's estimate but an increase on year ago levels of 151 million bushels.

Corn: Dec 11 Corn closed at USD6.52 1/4, up 4 1/4 cents; Mar 12 Corn closed at USD6.65 3/4, up 4 1/2 cents. As with the soy complex early gains were trimmed later in the session in what could be seen by the bulls as a disappointing rally attempt. Friday's Sept 1st stocks number is expected to come in at 964 million bushels versus 1.708 billion last year. Firmer crude and other outside markets helped today, as too did a weaker US dollar for once. There's still a bit of optimism of some positive action to sort out European sovereign debt, but we've been here before. Corn harvesting should have progressed well this week.

Wheat: Dec 11 CBOT Wheat closed at USD6.58 1/4, up 10 cents; Dec 11 KCBT Wheat closed at USD7.53, up 9 cents; Dec 11 MGEX Wheat closed at USD8.69 1/4, down 3/4 cent. The trade is expecting Friday's all wheat stocks number to come in at around 2.04 billion bushels. Unlike corn and beans the USDA will also report on wheat production numbers for 2011/12, which coincidentally are also expected to come in at 2.04 billion bushels. Dryness in the southern Plains continues to see winter wheat plantings continue to running behind schedule at 26% done, down 9 points from the five year average.