Nogger's Blog

15/02/12 -- Soybeans: Mar 12 Soybeans closed at USD$12.61, up 6 cents; Nov 12 Soybeans closed at USD12.60 1/2, up 3 cents; Mar 12 Soybean Meal closed at USD332.80, up USD2.70; Mar 12 Soybean Oil closed at 53.35, up 33 points. Funds were said to have bought 5,000 soybean contracts on the day, pushing them higher for the fourth session in a row. The USDA announced the sale of 116,000 MT of soybeans to China for 2011/12 delivery. Weekly export sales from the USDA tomorrow are expected to be in the range of 600 to 750 thousand MT. The expected meeting of EU financial leaders to approve the new Greek austerity measures was downgraded to a conference call as that particular circus drags on.

Corn: Mar 12 Corn closed at USD6.27, down 6 1/2 cents; Dec 12 Corn closed at USD5.59 3/4, down 4 1/2 cents. Funds were said to have sold 9,000 corn contracts on the day. Corn looks overbought heading into a long weekend in the US - it's President's Day on Monday. Also coming up next week is the USDA's annual February Outlook Forum when we get often a fairly accurate idea on US planting ideas for the spring. A significant increase on last year's 91.9 million acres is expected with prices above six dollars, although soybeans are staging something of a mini fight back. Trade estimates for tomorrow’s weekly export sales report range from 550 to 750 thousand MT.

Wheat: Mar 12 CBOT Wheat closed at USD6.26, down 9 cents; Mar 12 KCBT Wheat closed at USD6.70, down 5 1/2 cents; Mar 12 MGEX Wheat closed at USD8.11, down 1 cent. Funds were said to have sold 4,000 Chicago contracts on the day. Egypt are tendering for wheat again tomorrow, it will be interesting to see if the US can build on last weekend's victory there. The world is not short of wheat. Global ending stocks are expected to be at all time highs in 2011/12 and Australia has just announced record production and exports for the current marketing year. Tomorrow's weekly export sales are expected to come in around 450 and 650 thousand MT.