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Posted by Nogger - a legend in his own mind at 11:02 | Categorized as

17/12/10 -- Soybeans

Jan 11 soybeans closed at USD12.98 3/4, up 9 3/4 cents; Jan 11 soybean meal closed at USD347.80, up USD4.00; Jan 11 soybean oil closed at 54.13, up 6 points. Beans finished around 25c higher on the week. This week's approval of the Bush era tax bill included a retroactive renewal of the blend credit for biodiesel which should increase demand for soyoil and therefor beans. Informa raised their US soybean area forecast for 2011 to 77.6 million acres from 75.8 million.

Corn

Mar 11 corn closed at USD5.96 1/2, up 9 cents; May 11 corn closed at USD6.04 1/4, up 8 3/4 cents. Corn gained around 22c on the week. Informa cut their forecast for US corn plantings next spring from 93.1 million acres to 90.76 million. The extension of the ethanol blenders credit was also supportive. Half of Argentina's corn crop is under threat from drought with wear over year crop conditions showing extreme deterioration across much of the country, say QT Weather.

Wheat

Mar 11 CBOT wheat closed at USD7.56 3/4, up 7 cents; Mar 11 KCBT wheat closed at USD8.11 3/4, up 8 1/2 cents; Mar 11 MGEX wheat closed at USD8.42, up 6 3/4 cents. On the week CBOT wheat was around 18c lower, KCBT wheat lost around 10c and MGEX fell in the region of 20c. Talk is of an improved outlook for the Australian harvest and that quality in some areas may not ultimately be as bad as feared. It's a big old place though, and other images in circulation paint a completely different picture.