Nogger's Blog

05/10/11 -- Soybeans: Nov 11 Soybeans closed at USD11.63 3/4, up 3 3/4 cents; Jan 12 Soybeans closed at USD11.75 1/2, up 3 3/4 cents; Oct 11 Soybean Meal closed at USD301.50, up USD3.20; Oct 11 Soybean Oil closed at 49.00, up 21 points. Beans scrambled higher with funds buying an estimated 8,000 contracts on the day. Sharply higher crude oil and an air of calm in the outside markets helped. Informa fell into line with the USDA's September estimate pegging US yields at 41.8 bu/acre this year, a bushel/acre lower than FCStone said earlier in the week. Trade estimates for tomorrow’s weekly export sales report range from 550 to 850 thousand MT.

Corn: Dec 11 Corn closed at USD6.05 1/2, up 17 3/4 cents; Mar 12 Corn closed at USD6.18 1/4, up 17 1/2 cents. Optimism that the EU will finally sort out a deal for Greece helped firm outside markets, which buoyed corn, although we've been down this road before only to find that it's a dead end. Funds bought 15,000 contracts on the day. Informa came out with a corn yield estimate of 149 bu/acre, which is 1.5 bu/acre lower than their September estimate although still higher than what the USDA said last month. Informa's number puts production at 12.519 billion bushels, slightly higher than the USDA. Trade estimates for tomorrow’s weekly export sales report range from 750 TMT to 1 MMT.

Wheat: Dec 11 CBOT Wheat closed at USD6.25 1/4, up 21 1/4 cents; Dec 11 KCBT Wheat closed at USD6.99 3/4, up 13 1/4 cents; Dec 11 MGEX Wheat closed at USD8.76 1/2, up 13 3/4 cents. Funds bought 3,000 CBOT contracts on the day according to market chatter, but still remain heavily short leaving the market vulnerable to further upside correction. Outside markets were supportive for once, but all that can change at the drop of a hat. Growers on the Plains will be keeping their fingers crossed that the weekend rain event delivers what the forecasters predict: widespread 1-3 inch totals. Trade estimates for tomorrow’s weekly export sales report range from 350 to 550 thousand MT.