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Posted by Nogger - a legend in his own mind at 08:34 | Categorized as

10/10/11 -- Soybeans: Nov 11 Soybeans closed at USD11.77 1/2, up 19 1/4 cents; Jan 12 Soybeans closed at USD11.88 3/4, up 18 3/4 cents; Oct 11 Soybean Meal closed at USD304.70, up USD4.60; Oct 11 Soybean Oil closed at 49.86, up 79 points. The USDA's usual Monday crop progress report is delayed a day due to Columbus Day. Soybean harvesting is expected to be around 50% complete. There wasn't a lot of fresh news to go on. Hopes that EU leaders are close to sorting out a credible rescue package for Greece and recapitalising ailing EU banks in general lent support with funds coming in to buy an estimated 8,000 soybean contracts on the day. Traders are expecting 3.102 billion bushels for US soybean production from the USDA on Wednesday with a small increase in ending stocks for 2011/12 to around 185 million.

Corn: Dec 11 Corn closed at USD6.05, up 5 cents; Mar 12 Corn closed at USD6.17 1/2, up 4 3/4 cents. Corn closed in positive territory but off session highs. Optimism for something positive to come out of a weekend meeting between France and Germany to finally resolve the ongoing European debt crisis was maybe tempered by a degree of scepticism that we've seen all this hot air come to nothing concrete on more than one occasion before. Still, funds were said to have bought 5-7,000 contracts on the day. In Wednesday's USDA report the trade is looking for a US corn production number of 12.479 billion bushels, with an average yield estimate of 148.7 bu/acre.

Wheat: Dec 11 CBOT Wheat closed at USD6.11 1/2, up 4 cents; Dec 11 KCBT Wheat closed at USD6.86, up 1 1/2 cents; Dec 11 MGEX Wheat closed at USD9.34 1/4, up 14 3/4 cents. Wheat also slid from early highs with funds given credit for buying around 2,000 CBOT contracts on the day. Minneapolis continues to lead the way establishing a more than USD3/bu premium over Chicago. Beneficial rains arrived for much of the HRW areas in the southern Plains over the weekend. Wednesday's USDA report is expected to show US ending stocks for 2011/12 at 733 million bushels. World ending stocks are seen at 194.64 MMT, almost identical to last month.