Nogger's Blog

06/02/12 -- Soybeans: Mar 12 Soybeans closed at USD12.33, up 1/2 cent; Mar 12 Soybean Meal closed at USD327.50, down USD1.10; Mar 12 Soybean Oil is at 52.16, up 51 points. Beans just about managed to close higher for the fifth session in a row. Weekly export inspections were 37.3 million bushels. Year to date shipments lag last year's pace by some considerable margin. The USDA is seen pegging 2011/12 US soybean ending stocks at 269 million bushels on Thursday compared with 275 million last month.

Corn: Mar 12 Corn closed at USD6.44 1/4, down 1/4 cent; Dec 12 Corn closed at USD5.81 1/4, down 1/4 cent. Weekly export inspections were robust at 39.4 million bushels, meaning that year to date shipments are in line with a last season despite the USDA forecasting a 10% decline year on year. The USDA is expected to cut 2011/12 US corn ending stocks from 846 million bushels to 797 million on Thursday. Brazil & Argentina should also see cuts to their production potential.

Wheat: Mar 12 CBOT Wheat closed at USD6.68 1/2, up 7 3/4 cents; Mar 12 KCBT Wheat closed at USD7.19, up 6 1/4 cents; Mar 12 MGEX Wheat closed at USD8.41, up 2 1/2 cents. Weekly export inspections of 14.5 million bushels were less than half year ago levels. Despite that the size of fund shorts in Chicago wheat continues to support the market. Talk of potential crop losses in the Black Sea and Europe also underpinned the market today. The USDA are not expected to make any dramatic changes to US wheat ending stocks on Thursday.