Nogger's Blog

25/04/11 -- Soybeans: May 11 soybeans closed at USD13.89 1/2, up 9 cents; Nov 11 soybeans were unchanged at USD13.82 1/2; May 11 soybean meal closed at USD361.10, up USD2.30; May 11 soybean oil closed at 58.21, down 6 points. Beans gained from spillover support from corn and wheat. The slow pace of spring corn and wheat plantings in the US could be bearish for soybeans as it may mean that more later planted bean acres get sown. Even so, sharply higher grains dragged beans also higher by the session close.

Corn: May 11 corn closed at USD7.62 1/2, up 25 1/4 cents; Dec 11 corn closed at USD6.81 1/2, up 16 cents. "Temperatures in the North Central United States fell 6-10 F below normal last week. This was a setback for spring planting of corn and wheat. Field temperatures in northern Iowa are near 40 F compared to the 50 F threshold for corn germination," said Martell Crop Projections. After the close the USDA confirmed that only 9% of the crop was in the ground, only up 2 points in a week, and compared with 46% a year ago and 23% on average.

Wheat: May 11 CBOT wheat closed at USD8.26, up 26 1/2 cents; May 11 KCBT wheat closed at USD9.60 3/4, up 28 1/4 cents; May 11 MGEX wheat closed at USD9.80 3/4, up 29 1/4 cents. Nothing much has changed over the weekend, the spring wheat crop is well behind at just 6% planted as opposed to 39% a year ago and 25% on average. Good to excellent conditions of winter wheat fell a point from last week to 35%. "Scattered frost developed both Saturday and Sunday mornings in Kansas, Nebraska and Colorado. Wheat just beginning to head out was not damaged," say Martell Crop Projections.