Nogger's Blog

23/11/11 -- Soybeans: Jan 12 Soybeans closed at USD11.22 1/2, down 30 1/2 cents; Mar 12 Soybeans closed at USD11.31 1/2, down 31 1/4 cents; Dec 11 Soybean Meal closed at USD282.50, down USD9.50; Dec 11 Soybean Oil closed at 49.32, down 146 points. Soybeans traditionally end firmer the day before Thanksgiving, but the market was having none of that today, front month beans haven't closed this low since Oct 7th 2010. A slump in Chinese manufacturing data prompted ideas that nobody is immune from the fallout surrounding the ongoing European debt crisis. US markets are closed Thursday and trade a shortened session Friday. The USDA weekly export sales report is delayed until then with trade estimates for beans 500 to 750 TMT.

Corn: Dec 11 Corn closed at USD5.88 3/4, down 10 1/4 cents; Mar 12 Corn closed at USD5.95 1/2, down 10 1/4 cents. Corn took out the 2011 lows, closing at the lowest for a front month since last December. Funds sold an estimated 11,000 contracts on the day, meaning they are thought to have dumped 90,000 of their length in the past couple of weeks. The firm dollar, falling crude oil and a broad-based commodity sell-off all weighed on corn values. Trade estimates for Friday's weekly export sales report range from 400 to 600 thousand MT. Last week's sales were very poor at 208,900 MT - the lowest in more than a year.

Wheat: Dec 11 CBOT Wheat closed at USD5.79 1/4, down 14 3/4 cents; Dec 11 KCBT Wheat closed at USD6.49, down 12 cents; Dec 11 MGEX Wheat closed at USD8.35 3/4, down 24 1/2 cents. Chicago wheat also took out the 2011 low, posting the worst close for a front month since July 2010. Trade estimates for Friday's weekly export sales range from 300 to 450 thousand MT. Shipments will also be scrutinised, they need to average 477 TMT for the remainder of the season to meet USDA targets. There have been no high profile US sales made so far this week as Black Sea grain continues to dominate the market.