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Posted by Nogger - a legend in his own mind at 22:41 | Categorized as

13/04/11 -- Soybeans: May soybeans rose 3 3/4c to USD13.33 1/2 a bushel, and November was up 7 1/4c to USD13.51 1/2. May soymeal finished down USD0.20 at USD342.20, May soyoil ended up 12 points at 57.36. China said that it will auction up to 3 MMT of state-owned soybeans at discounted prices to keep food price inflation under control. Tomorrow brings the March NOPA crush data and weekly export sales numbers from the USDA, the latter are estimated at 200-400 TMT. The reality could be on the low side, with continued talk of Chinese cancellations as crush margins there wane.

Corn: May corn closed up 3c at USD7.55 1/2 per bushel, Dec CBOT corn closed up 8 1/2c at USD6.45 1/2 per bushel. Crude oil rebounded from yesterday's steep losses, adding some support. It's very early in the season, but already the bulls are talking of planting delays in the Midwest, which maybe helped new crop gain a little on old crop today. Export sales estimates for tomorrow's weekly USDA report are seen at 550-950 TMT.

Wheat: CBOT May wheat ended down 6 3/4c at USD7.52 3/4 a bushel. KCBT May wheat ended down 9c at USD8.85 a bushel. May MGEX wheat ended down 7 3/4c at USD9.04 a bushel. May CBOT wheat closed 2 3/4 lower than May corn on the back of heavy rain forecast for Kansas later in the week. Estimates for the USDA weekly export sales report tomorrow are 300-750 TMT. Jordan is tendering for 100,000 MT of optional origin wheat.