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Posted by Nogger - a legend in his own mind at 08:09 | Categorized as

28/07/11 -- Soybeans: Aug 11 Soybeans closed at USD13.67 3/4, down 8 cents; Nov 11 Soybeans closed at USD13.71 1/2, down 9 cents; Aug 11 Soybean Meal closed at USD355.30, down USD0.50; Aug 11 Soybean Oil closed at 55.76, down 64 points. The weather seems less threatening than last week and weekly export sales were disappointing at at 372,700 MT versus the 550 to 850 TMT expected. "The Midwest rainfall in the past week has been heavy in the Northern Midwest with a weakening dome of high pressure. Over 4 inches of rain has occurred in eastern Iowa, northern Illinois and Ohio, giving corn and soybeans a needed boost," say Martell Crop Projections. The June US soybean crush came in at 124.3 million bushels 0.8 million lower than expected. Funds were given credit for selling around 6,000 contracts on the day.

Corn: Sep 11 Corn closed at USD6.82 1/4, down 9 1/4 cents; Dec 11 Corn closed at USD6.86 1/4, down 5 1/4 cents. As with beans the weather has improved and the weekly corn export sales total was also a let down at 484,500 MT compared to the 550 to 950 TMT expected. "A rash of strong thunderstorms developed again last night in Nebraska, southern Wisconsin and Michigan. It is the best rainfall in several weeks and highly beneficial for corn that is pollinating and setting kernels," say Martell Crop Projections. Further south Tropical storm Don could bring heavy welcome rain for Louisiana and Mississippi in the next day or two before pushing northwards into Alabama, Georgia and the Carolinas Sunday through to Tuesday, they add.

Wheat: Sep 11 CBOT Wheat closed at USD6.93 1/4, down 11 1/2 cents; Sep 11 KCBT Wheat closed at USD7.83 1/2, down 4 3/4 cents; Sep 11 MGEX Wheat closed at USD8.46 3/4, down 4 1/4 cents. The Wheat Quality Council crop tour continues to report lower yield prospects i North Dakota and weekly export sales of 473,800 MT were at the high end of expectations for sales of 300 to 500 TMT. Elsewhere in the world though the news was bearish with the International Grains Council increasing their global wheat crop estimate by 8 MMT, and adding 5 MMT to the 2011/12 ending stocks. Jordan bought 50,000 MT of what was almost certainly Black Sea wheat overnight. Egypt are to tender again for an unspecified volume of wheat on Friday, as with recent tenders US wheat is not expected to feature if price alone is the only consideration.