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Posted by Nogger - a legend in his own mind at 07:25 | Categorized as

26/05/11 -- Soybeans: Jul 11 Soybeans closed at USD13.84 3/4, up 7 3/4 cents; Nov 11 soybeans closed at USD13.72 1/2, up 11 1/2 cents; Jul 11 soybean meal closed at USD360.30, up USD2.00; Jul 11 soybean oil closed at 58.70, up 74 points. Even another week, or should that be weak, of disappointing export sales at 163,200 MT couldn't keep the bulls at bay. Funds bought an estimated 5,000 bean contracts in spillover support from corn and wheat. The April crush data from the US Census Bureau was also below estimates of 129.3 million bushels at 127.98 million, the lowest April total in seven years. So if demand isn't doing anything for the bulls, then they'll chose to concentrate on supply concerns. Even those are on fairly shaky ground with the weather forecast for warmer and drier next week, there's still plenty of time to get those beans in.

Corn: Jul 11 corn closed at USD7.45 1/2, up 3 1/4 cents; Dec 11 corn closed at USD6.76 1/4, up 5 1/2 cents. Fund money was back with a vengeance buying an estimated 10,000 contracts on the day fuelled by late planting concerns, particularly in Indiana and Ohio. Even so forecasts for next week are looking brighter for planting progress, even for those states. Weekly export sales for corn was bang in the middle of the anticipated trade estimates at 779,600 MT (est: 500-900,000 MT). In amongst that was a 116,800 MT corn sale to China, switched from unknown. Private exporters also announced the sale of 168,000 MT of new crop corn to Mexico.

Wheat: Jul 11 CBOT wheat closed at USD8.14 1/2, up 18 cents; Jul 11 KCBT wheat closed at USD9.42 3/4, up 14 cents; Jul 11 MGEX wheat closed at USD10.45 3/4, up 25 3/4 cents. Minneapolis wheat led the way on sluggish planting progress of spring wheat on the northern Plains and Canadian Prairies. July MGEX wheat hit the highest for a front month in three years. Weekly export sales came in at a combined 432,300 MT - towards the low end of expectations of 400-700,000 MT. EU weather concerns are ssen likely to cut production there, although opinions on by how much vary quite widely. The IGC trimmed 3 MMT off it's April projection to 141 MMT, but other estimates in a Bloomberg survey range from 128.6 - 135.8 MMT. Funds bought an estimated 5,000 CBOT contracts on the day.