Nogger's Blog

29/11/11 -- Soybeans: Jan 12 Soybeans closed at USD11.25, up 4 cents; Mar 12 Soybeans closed at USD11.35, up 4 cents; Dec 11 Soybean Meal closed at USD286.10, down USD1.70; Dec 11 Soybean Oil closed at 49.18, up 27 points. The dollar was lower and crude was higher on Middle East tensions. Beans appear to be attempting a rebound from their recent 13 month low. Optimism over Europe and short-covering was also a feature.

Corn: Dec 11 Corn closed at USD5.98, up 6 1/4 cents; Mar 12 Corn closed at USd6.05 1/2, up 7 cents. Funds were said to have bought 10,000 contracts on the day, adding to the 9,000 they supposedly bought yesterday. Ideas that corn is cheap below USD6/bushel and the tail-end of the US harvest running into weather trouble were bullish factors, as too was a weaker dollar for once. Parts of Brazil are turning drier.

Wheat: Dec 11 CBOT Wheat closed at USD5.94 1/2, up 19 3/4 cents; Dec 11 KCBT Wheat closed at USD6.56, up 14 3/4 cents; Dec 11 MGEX Wheat closed at USD8.38 3/4, up 7 3/4 cents. Short-covering was a feature on the heavily oversold Chicago market despite little change in the fundamental outlook for wheat. US weather conditions have improved a little for winter wheat which continues to look expensive to other origins.