Nogger's Blog

17/01/12 -- Soybeans: Mar 12 Soybeans closed at USD11.83 1/2, up 25 1/4 cents; May 12 Soybeans closed at $11.92 1/2, up 24 3/4 cents; Mar 12 Soybean Meal closed at USD310.50, up USD9.00; Mar 12 Soybean Oil closed at 50.77, up 48 points. Argentine weather and a much better NOPA crush number for December of 145.45 million bushels supported the market. Last month's crush was only expected to be around 140.8 million. Some forecasters have a significant rain event in the pipeline for Argentina this weekend, but some are saying that it may already be too late.

Corn: Mar 12 Corn closed at USD6.04, up 4 1/2 cents; May 12 Corn closed at USD6.10 3/4, up 4 1/4 cents. The Rosario Grain Exchange lowered their Argy corn crop estimate to 21.4 MMT from 26 MMT. Sharply higher crude oil also lent support. Corn harvesting is underway in the southern Brazilian states of Parana and Rio Grande do Sul, say Celeres. Yield are expected to see significant losses. Funds bought an estimated 9,000 corn contracts on the day.

Wheat: Mar 12 CBOT Wheat closed at USD6.04 3/4, up 2 1/2 cents; Mar 12 KCBT Wheat closed at USD6.73, up 3 cents; Mar 12 MGEX Wheat closed at USD8.08 1/2, up 7 1/4 cents. Wheat followed soybeans and corn higher despite lacking a bullish storyline of it's own. The strong US dollar continues to hamper foreign sales with it looking increasingly unlikely that the US will hit the USDA's export target of 25 MMT this season.