Nogger's Blog

06/10/11 -- Soybeans: Nov 11 Soybeans closed unchanged at USD11.63 3/4; Jan 12 Soybeans closed at USD11.75 3/4, up 1/4 cent; Oct 11 Soybean Meal closed at USD299.70, down USD1.80; Oct 11 Soybean Oil closed at 48.92, down 8 points. It was a poor close for the bulls trying to get a significant rally going, with early gains being largely eradicated by the close. Funds were said to be net light sellers of beans on the day despite weekly export sales coming in towards the high end of expectations at 741,800 MT. In addition China bought 115,000 MT of US beans under the daily reporting system.

Corn: Dec 11 Corn closed unchanged at USD6.05 1/2, whilst Mar 12 Corn was also unchanged at USD6.18 1/4. Again a feeble rally attempt soon faltered despite weekly export sales of almost 1.3 MMT. China was confirmed as buying one cargo out of the weekly total, maybe that was a disappointment. Argentina is said to be working on a deal with China to potentially supply some of it's requirements in 2012. Still, funds bought an estimated 4,000 contracts on the day after being heavy net sellers over the past few weeks.

Wheat: Dec 11 CBOT Wheat closed at USD6.16, down 9 1/4 cents; Dec 11 KCBT Wheat closed at USD6.97 3/4, down 2 cents; Dec 11 MGEX Wheat closed at USD8.95, up 18 1/2 cents. Weekly export sales were 431,200 MT, bang in the middle of expectations of 350 to 550 thousand MT. Tunisia bought 75,000 MT of optional origin milling wheat, which will probably end up coming out of the Black Sea. Ukraine says it is working on adjustments to it's existing export tariffs in order to make it's grain more competitive on the export market.