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Posted by Nogger - a legend in his own mind at 23:30 | Categorized as

25/05/11 -- Soybeans: Jul 11 soybeans closed at USD13.77, up 4 3/4 cents; Nov 11 soybeans closed at USD13.61, up 6 3/4 cents; Jul 11 soybean meal closed at USD358.30, down USD0.90; Jul 11 soybean oil closed at 57.96, up 48 points. Crude oil was supportive, having been lower earlier in the day it closed almost USD2/barrel higher. The market can't weigh up the impact of potentially late plantings on corn for soybeans. A Reuters survey estimates US soybean plantings at 76.7 million acres, a fall of 0.6 million on the latest USDA estimate. Almost 2 million acres of intended corn acres wont get planted either, they reckon. Lanworth disagree, pegging disruption to corn and soybean plantings at substantially less, saying that "the net effect of flooding on US spring plantings is likely to be minor." For what it's worth I side with Lanworth.

Corn: Jul 11 corn closed at USD7.42 1/4, up 9 cents; Dec 11 corn closed at USD6.70 3/4, up 8 1/4 cents. A Reuters survey pegged the US corn acreage at 90.35 million versus the USDA's 92.2 million. Final output was seen at 13.2 billion bushels compared to 13.5 billion from the USDA. Nobody really has a clue at this very early stage, as is indicated by potential yield estimates ranging from 151.0 bu/acre to 162.1 bu/acre. Trade estimates for tomorrow's weekly export sales report range from 500 to 900,000 MT. South Korea reportedly bought South African corn today, saying that US corn was too expensive. Funds were said to have bought around 10,000 contracts on the day. Open interest in July corn remains very large.

Wheat: Jul 11 CBOT wheat closed at USD7.96 1/2, up 16 3/4 cents; Jul 11 KCBT wheat closed at USD9.28 3/4, up 16 3/4 cents; Jul 11 MGEX wheat closed at USD10.20, up 31 1/4 cents. Minneapolis led the way as spring wheat plantings remain a major concern. Across the border in Canada spring sowings are also wel behind schedule. EU weather woes are also to the forefront of trader's minds. Few are paying too much attention to the FSU countries. Ukraine canceled their export quota system today and Russia may soon follow suit. Estimates for tomorrow’s weekly export sales report range from 400 to 700,000 MT.