Nogger's Blog

21/09/11 -- Soybeans: Nov 11 Soybeans closed at USD13.20 1/2, down 17 1/2 cents; Jan 12 Soybeans closed at USD13.31 1/2, down 17 1/4 cents;
Oct 11 Soybean Meal closed at USD339.90, down USD5.90; Oct 11 Soybean Oil closed at 55.04, down 27 points. Prices slipped away on fears that the Fed wouldn't toss the market the QE lifeline that it was wanting, and so it proved. Funds were said to have sold 9,000 bean contracts as the recent liquidation phase continues. Trade estimates for tomorrow’s weekly export sales report are 350-550 TMT.

Corn: Dec 11 Corn closed at USD6.85 3/4, down 4 1/2 cents; Mar 12 Corn closed at USD6.98 3/4, down 4 1/4 cents. Corn also drifted lower ahead of the Fed announcement which came after the closing bell with funds shedding an estimated 5,000 contracts on the day. The dollar moved higher on anticipation that the Fed were going to disappoint, with crude oil edging lower. South Korea bought 85,000 MT of US corn. Trade estimates for tomorrow’s weekly export sales report are 550-800 thousand MT.

Wheat: Dec 11 CBOT Wheat closed at USD6.66 3/4, down 8 cents; Dec 11 KCBT Wheat closed at USD7.60 1/2, down 4 1/2 cents; Dec 11 MGEX Wheat closed at USD8.40 1/2, down 2 cents. Wheat also fell as the day wore on on nervousness ahead of news from the Fed and spillover weakness from the rest of the sector and a reaction to the firming dollar. Funds sold an estimated 2,000 CBOT contracts on the day. Trade estimates for tomorrow’s weekly export sales report are 400-550 thousand MT.