Nogger's Blog

04/11/11 -- Soybeans: Nov 11 Soybeans closed at USD12.12 1/2, down 6 3/4 cents; Jan 12 Soybeans closed at USD12.21, down 6 1/4 cents; Dec 11 Soybean Meal closed at USD315.40, up USD0.90; Dec 11 Soybean Oil closed at 51.87, down 16 points. On the week as a whole there's not a lot of change with Nov 11 beans 4 1/2 cents lower, Dec meal USD2.10 easier and oil up ten pips. Export sales were very disappointing yesterday as rumours of Chinese buying remain unconfirmed. The trade is cautious ahead of the Greek vote of confidence and next week's USDA reports. The fallout from the demise of MF Global is also weighing on the market.

Corn: Dec 11 Corn closed at USD6.55 3/4, up 2 1/4 cents; Mar 12 Corn closed at USD6.66 1/4, up 2 1/2 cents. On the week Dec corn was 3/4 cent higher. Funds were estimated to be net buyers of 3,000 corn contracts on the day. The market is treading water awaiting further news from Europe and cautious ahead of next week's USDA reports. The average trade guess for US corn production is seen falling from 12.433 billion bushels in October to 12.381 this time round, with one estimate as low as 12.049 billion. As we know however, second guessing the USDA is a fools game.

Wheat: Dec 11 CBOT Wheat closed at USD6.36 3/4, up 3/4 cent; Dec 11 KCBT Wheat closed at USD7.18, down 2 cents; Dec 11 MGEX Wheat closed at USD9.23 3/4, up 6 3/4 cents. Chicago wheat dropped 7 3/4 cents, with Kansas down 20 cents and Minneapolis up 3 1/4 cents on the week. The weekly commitment of traders report shows managed money increasing their Chicago short on the week. Weekend rain for the southern Plains would be beneficial if they arrive. Export interest remains sluggish with plenty of competition for what enquiries there are out there.