Nogger's Blog

23/05/11 -- Soybeans: Jul 11 soybeans closed at USD13.73 3/4, down 6 1/2 cents; Nov 11 Soybeans finished at USD13.50 3/4, up 1/4 cent; Jul 11 soybean meal was at USD358.80, down USD1.80; Jul 11 soybean oil closed at 57.22, down 24 points. A strong dollar and weak crude oil won the day. The USDA reported soybean planting progress at 41% done, 10 points down on normal (and last year) but not half bad under the circumstances. This seems to be a case of is the glass half full or half empty? The state that lags noticeably is Ohio at 4% planted versus 54% normally. Other major bean states like Illinois and Iowa are actually ahead of normal pace however.

Corn: Jul 11 corn closed at USD7.54, down 5 1/2 cents; Dec 11 corn finished at USD6.70 1/2, up 4 cents. The USDA export inspections report was a bit flat at 35.801 million bushels. Planting progress released after the close came in at 79% done versus 87% normally. As with beans Ohio is the stand out laggard at only 11% complete versus 80% normally. Again though the likes of Illinois (90% done) and Iowa (98% complete) are ahead of the five year average pace. The fact that old crop exports are flagging, whilst new crop plantings remain sluggish may explain the narrowing of the old crop/new crop spread.

Wheat: Jul 11 CBOT wheat closed at USD8.03, down 3 1/2 cents; Jul 11 KCBT wheat was down 2 1/4 cents at USD9.31; Jul 11 MGEX wheat closed at USD10.01, up 1 1/4 cents. As with corn old crop mostly fell whilst new crop was mostly higher, narrowing the spreads. Export inspections came in at 30.159 million bushels. The USDA reported winter wheat ratings at 45% poor/very poor, down a point on the week. Spring wheat was reported as 54% planted versus 89% normally. Some reports suggest that good progress could be made in the Dakotas this week as things turn a bit drier.