Nogger's Blog

21/06/11 -- Soybeans: July soybeans ended up 13c at USD13.48 3/4/bushel; Nov soybeans closed up 14 1/4c at USD13.49 3/4; July soymeal was up USD1.70 at USD351.70; Dec soyoil was up 158 points at 56.60. There was a bit of a better vibe about the market today on the belief that the Greek government will get it's vote of confidence tonight. Whether they get their austerity measures through next week however looks much more doubtful. The US crop is 94 percent planted, a point ahead of normal the USDA said last night. Warmer and drier weather in the forecast should be generally favourable.

Corn: July corn rose 7c at USD7.07 1/2; December corn was up 19 3/4c to USD6.80 1/4. Funds bought an estimated 15,000 corn contracts on the day as the complex staged a bit of a recovery from last week's sharp losses. Strong rumours swept the market that China had seen the recent dip as an opportunity ot buy new crop corn. The USDA last nigtht reported corn crop conditions a bit better than normal at 70% good-excellent, 23% fair and 7% poor-very poor. Japan apparently bought 300,000 MT of corn overnight, encouraged by the recent dip in prices.

Wheat: CBOT September wheat gained 9 3/4c to USD7.05 1/2; KCBT September was up 1 1/2c to USD8.21 1/2; MGEX September rose 6 1/4c to USD8.85 1/4. Funds were said to have bought 3,000 CBOT contracts on the day. A weaker US dollar today was supportive, although chances of a Greek debt default could change all that at any time where the newly reshuffled government faces a confidence vote tonight. Stats Canada will report on plantings there tomorrow, an area bigger than Belgium is still unseeded, according to Agrimoney.com.