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Posted by Nogger - a legend in his own mind at 22:57 | Categorized as

14/02/11 -- Soybeans: beans fell around 13-14 cents, meal was down around USD2-3 and oil was 75-80 points lower. The NOPA Jan soybean crush came in at 144.6 million bushels, matching expectations and also still ahead of the pace needed to reach the USDA's target for the 2010/11 season. The USDA export inspections report this morning came in at 33.823 million bushels. South American weather conditions look generally non-threatening.

Corn: corn closed around 10-12 cents lower with funds estimated to have sold around 10,000 contracts on the day. Frost damage to Mexican corn may not be as bad as was first reported, and replanting could sort the problem out. They did however buy 145,000 MT of corn from the US today, along with 129,600 MT of sorghum. The USDA export inspections report this morning was a little bearish at 26.149 million bushels.

Wheat: CBOT wheat ended around 5c higher, with KCBT wheat up by a similar amount and MGEX down 4-7c. Tunisia tendered for 50,000 MT of soft milling wheat, but bought 100,000 MT of optional origin wheat over the weekend. Iraq also bought 200,000 MT of US and 150,000 MT of Australian wheat. USDA export inspections reported this morning were on the low side at 24.196 million bushels. Drought in China remains a concern even though some light snow has arrived.