Nogger's Blog

05/04/12 -- Soybeans: May 12 Soybeans closed at USD14.34, up 14 1/2 cents; Nov 12 Soybeans closed at USD13.81 1/2, up 6 cents; May 12 Soybean Meal closed at USD391.90, up USD3.70; May 12 Soybean Oil closed at 56.64, up 62 points. It's been a short week on which May 12 beans have added 31 cents, and new crop Nov 12 gaining 23 1/2 cents. Meal ends the week just USD2.20 higher than it began it whilst oil has added 154 points. Beans only closed higher than this on four days in the whole of 2011, the last one being seven months ago. They are also now within 15 cents of the 2011 closing highs. Weekly soybean export sales of 406,900 MT of old crop and 706,000 MT for delivery in the 2012/13 beat analysts expectations of a combined 600-850 TMT. China took 257,200 MT of old crop and 525,500 MT of the new crop.

Corn: May 12 Corn closed at USD6.58 1/4, up 1 1/2 cents; Dec 12 Corn closed at USD5.50 1/4, up 6 cents. For the week overall May 12 corn was 14 1/4 cents higher and new crop Dec 12 was 10 cents firmer despite the outlook for sharply higher US plantings this spring. Weekly export sales of 937,600 MT of old crop and 185,100 MT new crop corn also beat trade guesses for combined sales of 400-700 TMT. Catching trader's eyes was China taking 394,000 MT of the old crop. US weather remains generally favourable for early corn planting, although night-time temperatures could dip to freezing across the next couple of nights. The USDA will report on planting progress after the close on Monday (plantings were 3% done as of last Sunday), and will issue revised world supply & demand estimates Tuesday.

Wheat: May 12 CBOT Wheat closed at USD6.38 1/2, down 3/4 cent; May 12 KCBT Wheat closed at USD6.62, down 7 1/2 cents; May 12 MGEX Wheat closed at USD8.46, up 1/4 cent. On the week as a whole May 12 Chicago wheat fell 22 1/4 cents, with Kansas wheat down 35 1/2 cents and Minneapolis falling 8 1/2 cents. Weekly export sales for wheat of 408,300 MT for old crop wheat and 103,400 MT for new crop just about beat expectations for combined sales of 300-500 TMT. In amongst the old crop sales was a surprise 38,000 MT to China. US wheat won a 115,000 MT Egyptian tender today, apparently confirming that US wheat is amongst the cheapest origins around. Including freight French wheat was beaten by around USD20.00/tonne.