Nogger's Blog

26/07/11 -- Soybeans: Aug 11 Soybeans closed at USD13.83, up 17 1/2 cents; Nov 11 Soybeans closed at USD13.88 3/4, up 16 3/4 cents; Aug 11 Soybean Meal closed at USD360.50, up USD4.70; Aug 11 Soybean Oil closed at 56.59, up 49 points. The USDA reduced good/excellent crop ratings by two points last night prompting funds to buy an estimated 6,000 bean contracts on the day today. There appears to be some suggestion that the potential for a US debt default would see the dollar decline and therefore the price of agri-commodities like soybeans rise. They won't default however so where's the logic in that?

Corn: Sep 11 Corn closed at USD6.89 3/4, up 11 cents; Dec 11 Corn closed at USD6.86 3/4, up 12 1/4 cents. Funds were said to have bought 11,000 contracts on the day, the opposite of wheat they were supposed to have sold yesterday, on the back of a 4 point decline in good/excellent ratings last night. Moisture-laden winds coming from the Mexico tropics will increase rainfall chances in the Upper Midwest. The 3-day rainfall outlook is wet in Minnesota, South Dakota, Iowa and Wisconsin. At least .75 inch of rainfall is predicted in the Upper Midwest, but locally 2 inches in strong 'ridge-rider' thunderstorms, say Martell Crop Projections.

Wheat: Sep 11 CBOT Wheat closed at USD6.94, up 5 1/2 cents; Sep 11 KCBT Wheat closed at USD7.80 1/2, up 10 cents; Sep 11 MGEX Wheat closed at USD8.39, up 8 1/4 cents. Egypt bought Russian wheat, and Russian wheat alone, for the third tender in a row. In addition Thailand was also said to have bought Russian wheat at prices well under US levels. A weaker US dollar helped provide some support. US winter wheat harvesting is 75% done compared with 80% normally the USDA reported last night and spring wheat crop conditions improved one point.