Nogger's Blog

20/09/11 -- Soybeans: Nov 11 Soybeans closed at USD13.38, up 2 cents; Jan 12 Soybeans closed at USD13.48 3/4, up 2 cents; Oct 11 Soybean Meal closed at USD345.80, up USD1.40; Oct 11 Soybean Oil closed at 55.31, down 22 points. Beans managed to end a six session losing run, but not by much at the end of the day having posted double digit gains early on. The USDA announced the sale of 120,000 MT of beans to China, but harvest pressure and EU debt problems weighed.

Corn: Dec 11 Corn closed at USD6.90 1/4, down 2 cents; Mar 12 Corn closed at USD7.03, down 2 cents. As with soybeans prices fell away with Dec having been above USD7.00/bu earlier in the day. Despite good/excellent crop conditions falling last night funds were further net sellers of an estimated 3,000 contracts on the day, adding to their recent liquidation. There was no confirmation of China buying corn, only the news that they are to release 3.7 MMT of state-owned stocks. Argentina say that they will increase corn production to 27.5 MMT in 2012, 5.5 MMT up on this year.

Wheat: Dec 11 CBOT Wheat closed at USD6.74 3/4, up 1 3/4 cents; Dec 11 KCBT Wheat closed at USD7.65, down 3 cents; Dec 11 MGEX Wheat closed at USD8.42 1/2, up 3/4 cent. Wheat also fell away mid-session on a lack of follow-through and a disappointing corn performance. Russia continues to mop up much of the export trade, meanwhile Kazakhstan's crop is increasing and Ukraine stocks are building. The latter two will also join the former as aggressive sellers at some point.