Nogger's Blog

15/09/11 -- Soybeans: Nov 11 soybeans closed at USD13.58 3/4, down 24 cents; Jan 12 soybeans closed at USD13.70 1/4, down 23 1/2 cents; Oct 11 soybean meal closed at USD349.60, down USD9.20; Oct 11 soybean oil closed at 56.22, down 56 points. The much-hyped freeze threat proved to be a bit of a non-event. Disappointing weekly export sales and spillover weakness from corn added to the bearish feel, prompting funds to shed around 8,000 bean contracts on the day.

Corn: Dec 11 corn closed at USD7.01 down 23 1/4 cents; Mar 12 corn closed at USD7.14 3/4, down 23 1/4 cents. The lack of a killing frost prompted funds to dump around 25,000 contracts on the day, lightening the load a little but still leaving them soaked if not saturated with length. Export sales were better than expected, but even that didn't lend much support, with front month Dec coming perilously close to falling below the USD7/bu mark.

Wheat: Dec 11 CBOT wheat closed at USD6.96, down 8 1/2 cents; Dec 11 KCBT wheat closed at USD7.95 1/4, up 3 1/4 cents; Dec 11 MGEX Wheat closed at USD8.71, up 6 1/4 cents. Chicago wheat fell on spillover weakness from corn, with funds selling an estimated 3,000 contracts on the day. Weekly export sales were in line with expectations but hardly impressive. Another victory for Russian wheat in yesterday's Egyptian tender, where US wheat wasn't even offered for the second week running, highlights US uncompetitiveness to some destinations.