Nogger's Blog

27/06/11 -- Soybeans: November soybeans rose 5 3/4c to USD13.15/bushel; Dec soymeal was up USD2.60 at USD339.50; Dec soyoil fell 16 points to 56.20. The USDA confirmed the sale of 132,000 MT of soybeans to China. Beans managed to distance themselves from falling corn and wheat. After the close the USDA pegged the crop at 97% planted, one point ahead of normal. Condition ratings however fell three points from last week to 65% good/excellent. On Thursday the USDA is expected to show planted soybean acreage down slightly from last month to 76.53 million from 76.609 previously and 77.404 last year.

Corn: July CBOT corn ended down 9 1/4c at USD6.60 3/4 per bushel; Dec corn closed down 5 1/4 cents to USD6.26 3/4. Funds just don't fancy corn anymore, selling an estimated 8,000 lots on the day. The weekly export inspections report came in well below trade estimates of 33-39 million bushels at just under 29 million. After the close the USDA pegged good/excellent crop ratings down 2 points from last week to a still healthy 68%. The USDA reported 230,000 MT of corn sold to unknown - 130,000 MT of old crop and 100,000 MT of new crop. Corn acreage for Thursday's report is estimated roughly unchanged from last month at 90.767 million acres.

Wheat: CBOT July wheat fell 13c to USD6.22 3/4 per bushel; KCBT July wheat dropped 20c to USD7.28 1/2; MGEX ended down 20 1/4c to USD8.05 3/4. Harvest pressure continues with better than expected yields and quality coming out of Kansas. After the close the USDA pegged winter wheat harvesting at 44% complete, up from 31% last week and 37% normally. Good/excellent conditions fell one point to 35% however. Spring wheat plantings are only 95% done as opposed to 100% normally. For Thursday's USDA report all wheat acres are estimated at 56.671 million against 57.70 million previously, although well up on 53.603 million last year.