Nogger's Blog

06/09/11 -- Soybeans: Sep 11 Soybeans closed at USD14.13 1/2, down 22 1/2 cents; Nov 11 Soybeans closed at USD14.22 1/2, down 23 1/4 cents; Sep 11 Soybean Meal closed at USD368.30, down USD9.50; Sep 11 Soybean Oil closed at 57.56, down 18 points. Beans were down but off session lows as funds sold an estimate 7,000 contracts on the day. Better than expected weekend rains were likely to have been more use for beans than corn. US and Eu debt/economic woes weigh. After the close the USDA cut the percentage of the crop rated good/excellent by one point to 56%, not as bad as it might have been. Informa estimate the US crop at 3.016 billion bushels with yields at 41.5bpa.

Corn: Sep 11 Corn closed at USD7.46 3/4, down 3 1/2 cents; Dec 11 Corn closed at USD7.55 3/4, down 4 1/4 cents. Corn ended well off session lows on ideas that weekend rains won't have been of any great benefit. Early harvested yields vary dramatically from "much better than expected" to "terrible". Funds sold an estimated 7,000 contracts on the day, at least partially encouraged by global economic worries. After the close the USDA dropped their good/excellent ratings two points to 52%. Informa pegged this season's US crop at 12.771 billion bushels with yields at 151bpa, much better than most other private estimates. Weekly export inspections were a disappointing 40 million bushels.

Wheat: Sep 11 CBOT Wheat closed at USD7.16 1/4, down 13 3/4 cents; Sep 11 KCBT Wheat closed at USD8.46, down 12 cents; Sep 11 MGEX Wheat closed at 9.71, down 13 1/4 cents. Wheat fell on spillover weakness from the rest of the sector, also influenced by the same global debt concerns. Funds sold an estimated 3,000 Chicago contracts on the day. The spring wheat harvest is 68% complete compared to 81% for the five year average. Harvesting on the Canadian Prairies is benefiting from favourable weather at 33% complete. Weekly export inspections came in at 21 million bushels. The firm US dollar will do little to aid US export hopes.