Nogger's Blog

16/05/11 -- Soybeans: July soybeans finished down 3c at USD13.26 1/2 a bushel; Nov soybeans closed down 4 1/2c at USD13.06 1/4 a bushel; July soymeal settled USD0.30 higher at USD345.70; July soyoil ended down 23 points at 55.91. The NOPA monthly crush report for April was disappointing at 121.3 million bushels. Much lower than the 134.4 million crushed in March and 131.7 million a year ago. Weekly export sales continue to disappoint also, in addition the USDA's export inspections report this morning showed only 5.149 million bushels inspected for export for the week ending May 12th. Talk is that sales and crush numbers at this level mean that ending stocks will come in higher than current 2010/11 USDA estimates. Planting progress was better than anticipated at 22% done.

Corn: July corn rose 15 1/2c to USD6.97 1/2; Dec corn climbed 8 1/2c to USD6.35 1/2. Crude oil fell sharply again and the US dollar was firmer. The USDA confirmed the sale of 125,000 MT of corn to South Korea for the 2010/2011 marketing year. Rumours that China bought US corn last week persist. Funds were said to have bought 8,000 contracts on the day as weekly export inspections came in at 36.911 million bushels, better than trade estimates. After the close the USDA reported planting progress at 63% done, better than expected, although still lagging 75% normally. Ohio is only 7% done compared with 70% normally.

Wheat: CBOT July wheat gained 8 3/4c to USD7.36 1/2; KCBT July rose 6 1/2c to USD8.76 and MGEX July climbed 10c to USD9.10 1/4. For winter wheat poor/very poor conditions rose 2 pips from a week ago to 44%, good/excellent is now only 32%. Spring wheat plantings are only 36% complete compared to 76% normally. "There are worries about spring wheat receiving sufficient heat units to reach safe maturity in the fall, due to planting delays up to 3 weeks. North Dakota, the leading state, was only 15% planted compared to 68% normally. May 25 is the normal cut-off date for sowing," say Martell Crop Projections.