Nogger's Blog

11/02/11 -- The overnight grains were mixed with wheat 2-3c higher, corn 1-2c lower and beans fractions either side.

The markets maybe haven't moved as much as you might think this week. On the week as a whole so far we see CBOT March wheat up 9 cents, March corn up 20 cents and March soybeans down 1/2 cent.

Egypt has bought another three cargoes of wheat today, split between the US, Canada and Australia. South Korea has bought 55,000 MT of Canadian wheat and Tunisia is tendering for 50,000 MT.

South Korea have also bought 55,000 MT of US corn and Mexico have booked 210,000 MT of the same.

The wheat market may be a tad disappointed that US grain hasn't won a larger share of Egypt's business this week. The political situation there took another twist yesterday with Mubarak's "resignation" speech turning out to be anything but.

South American weather looks non-threatening, and a potential record soybean crop could be on the cards from there, with Brazil more than compensating for any shortfall out of Argentina.

The Indian wheat harvest will soon be upon us, with a record 82 MMT crop expected.

The Chinese weather outlook is improving, with "significant" precipitation in the 7-10 day outlook for wheat and rapeseed crops in central and southern areas, according to QT Weather.

Things look a little tired today, and I wouldn't be surprised to see the market drift lower on lack of enthusiasm to push the button ahead of the weekend.

Early calls are wheat 1-3c higher, corn and beans mixed 2c higher to 2c lower.