Nogger's Blog

12/12/11 -- Soybeans: Jan 12 Soybeans closed at USD11.12, up 5 cents; Mar 12 Soybeans closed at USD11.22 1/4, up 5 3/4 cents; Dec 11 Soybean Meal closed at USD278.10, up USD2.60; Dec 11 Soybean Oil closed at 49.06, down 28 points. Beans recovered from setting a 14-month low when slipping below USD11/bu at one stage on La Nina related dryness issues in Argentina and southern Brazil. Weekly export inspections of 29.749 million bushels continue to lag last year's pace.

Corn: Dec 11 Corn closed unchanged at USD5.85 1/2; Mar 12 Corn closed at USD5.94, down 1/4 cent. Export inspections of 35.674 million bushels were better than last year, although the cumulative year-to-date total is lower than where we were a year ago. Disappointment over the European debt fiasco sees the US dollar remain firm which is negative for US grains. China's government is buying domestic corn to bolster state owned stocks.

Wheat: Dec 11 CBOT Wheat closed at USD5.75 1/2, up 2 cents; Dec 11 KCBT Wheat closed at USD6.42 3/4, down 11 cents; Dec 11 MGEX Wheat closed at USD8.44 3/4, up 1 3/4 cents. Export inspections of 16.504 million bushels were behind last year and the year-to-date total also lags. US wheat remains too expensive relative to other origins. Egypt are tendering again for wheat, with Russia and Argentina getting the nod last week - US wheat wasn't even offered.