Nogger's Blog

07/12/11 -- The overnight markets ended mixed with wheat down 3-6 cents, corn down a fraction and beans up 3-4 cents. Crude oil is a little lower too.

A German official's comments that more time may be needed to iron out EU treaty changes and a plan to resolve the ongoing European debt crisis put the euro under pressure. The markets had, foolishly perhaps, been pinning their hopes on a blinding flash of inspiration to come out of this week's EU leaders' summit on Thursday and Friday.

Apart from that fresh news is thin on the ground ahead of the USDA's crop production and stocks numbers also on Friday.

US wheat remains pretty uncompetitive on the export stage, and tomorrow we will likely have another set of below par weekly shipment numbers to digest from the USDA.

Corn sales have also dipped lately in the face of fierce competition from Ukraine and Argentina and also feed wheat out of the Black Sea and Australia.

Brazil is meanwhile forecasting a record soybean crop with Argentina expecting a second highest crop of their own.

Late calls for this afternoon's CBOT session@ beans up 2-4 cents, coen down 1-2 cents, wheat down 4-6 cents.