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Posted by Nogger - a legend in his own mind at 10:52 | Categorized as

26/10/11 -- Soybeans: Nov 11 Soybeans closed at USD12.10 1/2, down 15 cents; Jan 12 Soybeans closed at USD12.19 3/4, down 14 cents; Dec 11 Soybean Meal closed at USD317.00, down USD5.20; Dec 11 Soybean Oil closed at 50.89, down 61 points. Funds sold an estimated 7,000 soybean contracts on the day on lingering concerns over the European debt crisis. Safras e Mercado peg the Brazilian crop at a huge 75.3 MMT. Plantings are at 25% - well ahead of the 9% level of a year ago. Estimates for tomorrow's weekly export sales report are around 650-950 TMT.

Corn: Dec 11 Corn closed at USD6.37 1/4, down 13 1/2 cents; Mar 12 Corn closed at USD6.49 1/2, down 12 3/4 cents. Funds liquidated an estimated 12,000 contracts on the day. Weekly export sales for tomorrow are expected to be around 650-900 TMT, less than half of last week's total. The USDA announced the sale of 100,000 MT to unknown destinations. Ukraine corn is apparently making inroads into the Japanese market despite having a substantial freight disadvantage to US corn.

Wheat: Dec 11 CBOT Wheat closed at USD6.19 1/2, down 16 3/4 cents; Dec 11 KCBT Wheat closed at USD7.16, down 17 1/2 cents; Dec 11 MGEX Wheat closed at USD9.10 1/4, down 6 1/4 cents. Funds sold 4,000 CBOT contracts on the day as Russian wheat steamrollered everything else to win the latest Egyptian tender. Having just brought in a grain crop in excess of 29 MMT in bunker weight Kazakhstan has announced it's intention to export 15 MMT of grain in 2011/12 - over 150% more than in 2010/11.