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Posted by Nogger - a legend in his own mind at 22:02 | Categorized as

11/11/10 -- Soybeans

Jan soybeans settled 19 1/2c higher at USD13.39; December soymeal finished USD2.70 higher at USD358.10; Dec soyoil rose 108 points to 55.03. Private firm Informa Economics said that 2011 US soybean plantings will fall to 75.8 million acres in 2011, almost 2 million below the level sown for this season's crop. If that comes to fruition then US stocks look set to remain tight for some considerable time. Earlier this week the USDA cut 2010/11 ending stocks to 185 million bushels. That cut stocks to use to 5.5% or the equivalent of just 20 days worth of supply. Trade estimates for tomorrows export sales report range from 800,000 MT to 1.5 MMT.

Corn

Dec corn ended 2 3/4c lower at USD5.64; March corn fell 3c to USD5.78. In the widely touted "battle for acres" next year, corn seems to be winning. Informa said that US farmers will raise their corn plantings in 2011 by almost 5 million acres to 93.1 million, 400,000 short of the all-time record set in 2007. That's 2.7 million up from its September forecast. The weekly report will be out a day later than normal tomorrow. Trade estimates range from 300 to 600 thousand MT.

Wheat

CBOT Dec wheat ended down 6c at USD7.04 a bushel; KCBT Dec wheat fell 4 3/4c to USD7.68; and MGEX Dec wheat closed 5 1/4c lower at USD7.76 3/4. Informa projected the 2011 wheat area at 56.1 million acres, down almost a million acres from its September estimate, but up from 53.6 million in 2010. Higher corn and cotton prices are competing for wheat acres and beans could be double cropped on several of those acres it seems. Trade estimates for tomorrows weekly export sales report range from 300-600,000 MT.