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Posted by Nogger - a legend in his own mind at 23:18 | Categorized as

06/12/10 -- Soybeans

Jan soybeans ended 11 3/4c lower at USD12.88 1/2; Jan soymeal finished USD5.10 lower at USD346.50; Jan soyoil was 9 points higher at 53.54. Profit-taking can probably best describe today's action, there wasn't a great deal of fresh news and the dollar was firmer. With month, quarter and year end approaching it was probably time to take some money off the table and bank a few Christmas bonuses. Weekly export inspections came in at only 33.495 million bushels, well below expectations. The USDA announced the sale of 116,000 MT of old crop and 55,000 MT of new crop soybeans to China.

Corn

Jan corn fell 5 1/4c, to USD5.53 3/4; March corn fell 5 1/2c, to USD5.68. The dollar was firmer, prompting fund selling. Ideas that the Australian situation is bearish for corn, on the back of them having much more feed wheat than normal to market sparked further selling. Unconfirmed reports of Australian feed wheat sales to the Philippines added to corn's unease, as too are concerns that the ethanol blenders tax credit may not get renewed at the end of the year. Weekly export inspections were low at 25.2 million bushels, although the USDA did report the sale of 116,000 MT of US corn to unknown.

Wheat

CBOT March wheat ended up 14c at USD7.93 a bushel; KCBT March wheat rose 14 3/4c to USD8.36 3/4; MGEX March wheat climbed 15c to USD8.50 1/4. Wheat led the complex today on more worries over Australian wheat quality, with added doubts on China and Russia adding to the mix. The USDA reported the sale of 160,000MT of HRW to unknown. KCBT and MGEX hit more than two year highs and Kansas wheat extended it's premium over Chicago to the most in 2 1/2 years. Weekly export inspections were in line with expectations at 19.215 million bushels.