Nogger's Blog

14/12/11 -- Soybeans: Jan 12 Soybeans closed at USD11.00, down 18 1/2 cents; Mar 12 Soybeans ended at USD11.10, down 19 cents; Jan 12 Soybean Meal finished at USD282.20, down USD1.20; Jan 12 Soybean Oil closed at 48.40, down 85 points. This was a 14-month closing low for beans and the lowest we've seen meal since June 2010. There was a general sell-off in everything on more European woes which saw the dollar firm to it's best levels in a year against the single currency. Crude oil tanked more than USD5/barrel, with funds selling an estimated 8,000 soybean contracts on the day. The November NOPA crush came in lower than expected at 141.3 million bushels. Trade estimates for tomorrow’s weekly export sales report range from 400 to 600 thousand MT.

Corn: Mar 12 Corn closed at USD5.80 3/4, down 13 3/4 cents; May 12 Corn finished at $5.89 1/4, down 14 cents. This was a one year low for corn caught up in broad-based liquidation with funds dumping an estimated 11,000 contracts on the day. The European debt problems just keep getting worse with yields on Italian bonds rising to a fresh euro-era high today. Crude oil fell out of bed, dragging corn with it. Some reports suggest that talk of dryness in South America is being over-hyped. Trade estimates for tomorrow’s weekly export sales report range from 400 to 600 thousand MT.

Wheat: Mar 12 CBOT Wheat closed at USD5.80 3/4, down 19 3/4 cents; Dec 11 KCBT Wheat closed at USD6.25 3/4, down 24 cents; Dec 11 MGEX Wheat settled at USD8.46, down 5 1/2 cents. Wheat succumbed to a general commodity sell-off that saw everything from gold to crude oil fall sharply. Funds sold an estimated 3,000 CBOT contracts on the day. Trade estimates for tomorrow’s weekly export sales report range from 300 to 400 thousand MT. Of more importance may be weekly shipments which have fallen behind of late. The European debt malaise continues to dog the market.