Nogger's Blog

29/12/11 -- Soybeans: Jan 12 Soybeans closed at USD11.87 1/2, down 10 3/4 cents; Mar 12 Soybeans closed at USD11.97, down 11 cents; Jan 12 Soybean Meal closed at USD306.60, down USD3.50; Jan 12 Soybean Oil closed at 51.14, down 64 points. Funds sold an estimated 7,000 soybean contracts as weather forecasts put some more rain in for southern Brazil and Argentina a week from now. The market is nervous as European jitters remain and could easily over-ride South American weather issues in the New Year. Trade estimates for tomorrow’s weekly export sales report range form 300 to 600 thousand MT.

Corn: Mar 12 Corn closed at USD6.38, down 4 1/2 cents; May 12 Corn closed at USD6.46 1/4, down 4 cents. Funds sold an estimated 5,000 contracts as corn put in it's first down day in nine sessions. An improved weather outlook for Brazil and Argentina combined with profit-taking ahead of the year end saw sellers outnumber buyers. With another long weekend looming many will probably be content to sit it out now until Tuesday and see what the revised weather forecasts bring then. Trade estimates for tomorrow’s export sales report range from 400 to 600 thousand MT.

Wheat: Mar 12 CBOT Wheat closed at USD6.45 1/4, down 6 cents; Mar 12 KCBT Wheat closed at USD6.98, down 1 1/4 cents; Mar 12 MGEX Wheat closed at USD8.55 1/4, down 7 3/4 cents. Wheat was a follower of corn and beans in light volume. Funds sold an estimated 2,000 Chicago wheat contracts on the day. Weekly export sales tomorrow will be interesting with the trade only expecting a modest figure of 200 to 350 thousand MT. Weekly shipments will also catch many an eye. They now need to be 427,400 MT/week to reach the USDA's 2011/12 export target of 24.5 MMT, but they've only managed that three times in the past eleven weeks.