Nogger's Blog

29/02/12 -- Soybeans: Mar 12 Soybeans closed at USD13.13 1/2, up 8 1/4 cents; Nov 12 Soybeans closed at USD12.89, up 1/2 cent; Mar 12 Soybean Meal closed at USd351.20, up USD4.70; Mar 12 Soybean Oil closed at 54.09, down 33 points. This was the eighth session in a row that beans have closed higher, they also ended February over a dollar higher than they began the month. Continued strong demand saw the USDA announce the sale of 175,000 MT of soybeans to China for 2011/12 delivery and 110,000 MT for 2012/13 delivery. Estimates for tomorrow's weekly export sales are a conservative looking 400,000 to 800,000 MT.

Corn: Mar 12 Corn closed at USD6.56 1/2, up 3 cents; Dec 12 Corn closed at USD5.68 1/2, up 5 cents. For corn this was the sixth higher close on the run, although it only managed a 17 1/2 cent gain on the month. The USDA announced the sale of 120,000 MT of optional origin corn to Mexico. Funds were estimated to have bought around 6,000 contracts on the day. The corn harvest in Brazil is reckoned to be around 14% done. Trade estimates for tomorrow's weekly export sales report are 650 to 850 thousand MT.

Wheat: Mar 12 CBOT Wheat closed at USD6.64 1/4, up 2 cents; Mar 12 KCBT Wheat closed at USD6.99, down 1/2 cent; Mar 12 MGEX Wheat closed at USD8.03 3/4, up 1 1/2 cents. Today was first notice day for March contracts, deliveries against the March CBOT contract were relatively light. Wheat got dragged higher by beans and corn for the third session in a row, but Chicago wheat ended February 1 3/4 cents lower than it began it. Trade estimates for tomorrow's weekly export sales report are expected to reflect the newly found competitiveness of US wheat at 500 to 700 thousand MT.