Nogger's Blog

21/04/11 -- Soybeans: May 11 soybeans closed at USD13.80 1/2, up 22 3/4 cents; Nov 11 soybeans closed at USD13.82 1/2, up 16 1/2 cents; May 11 soybean meal closed at USD358.80, up USD9.60; May 11 soybean oil closed at 58.27, up 13 points. May beans were up 48 3/4c on the week, with meal up USD13.60 and oil rising 143 points. Outside markets offered support, with a shaky dollar, firm crude oil, gold at record highs and a strong stock market. Soybean export sales were also above expectations at 555,300 MT, with no cancellations from China, but instead purchases of both old and new crop. Chicago markets are closed Friday but open as normal on Monday.

Corn: May 11 corn closed at USD7.37 1/4, up 4 1/2 cents; Dec 11 corn closed at USD6.65 1/2, up 10 cents. Corn opened higher, but drifted into negative territory mid-session before clawing its way back later in the day. May corn lost 4 3/4c on the week whilst Dec rose 9 1/2c. Export sales were in line with expectations at 613,400 MT old crop and 243,900 MT new crop. Outside markets were supportive, and so too were ideas that another wet and cold week across much of the corn belt will have done little to help farmers advance corn plantings much from last week's pace of 7%. A year ago 50% of the crop was planted as of April 25th.

Wheat: May 11 CBOT wheat closed at USD7.99 1/2, up 14 1/2 cents; May 11 KCBT wheat closed at USD9.32 1/2, up 12 1/2 cents; May 11 MGEX wheat closed at USD9.51 1/2, up 12 3/4 cents. Chicago wheat was up 55 1/4c on the week, with Kansas rising 67c and Minneapolis up 62 1/2c. Export sales were below trade estimates of 400 to 800 thousand MT at 134,800 MT old crop and 168,400 MT of new crop. The weak dollar was supportive along with spring planting delays in the top US producing state of North Dakota, where things are running around 3 weeks behind schedule.