Nogger's Blog

17/04/12 -- Soybeans: May 12 Soybeans closed at USD14.25 3/4, up 5 3/4 cents; Nov 12 Soybeans closed at USD13.55 1/2, up 5 1/2 cents; May 12 Soybean Meal closed at USD393.80, up USD2.40; May 12 Soybean Oil closed at 55.76, up 10 points. The market rebounded a little from Monday's losses as South American production estimates continue to creep lower. Also supportive was news that private exporters had sold 225,000 MT of soybeans to "unknown" split 110,000 MT old crop and 115,000 MT new crop. China’s Ministry of Commerce estimates April imports at 5.63 MMT versus 3.88 MMT a year ago, an increase of 45%. Funds were said to have bought 3,000 contracts on the day.

Corn: May 12 Corn closed at USD6.16 3/4, down 6 1/2 cents; Dec 12 Corn closed at USD5.29 3/4, up 3 1/2 cents. Rapid progress with spring plantings was at least partially confirmed with the USDA saying sowings were 17% complete, even of that was a little below the 20% that the trade was estimating. That compares with just 5% on the five year average. The weather outlook remains favourable. Funds were said to have been net sellers of around 6,000 contracts on the day.

Wheat: May 12 CBOT Wheat closed at USD6.15 1/2, down 3/4 cent; May 12 KCBT Wheat closed at USD6.32, up 1 1/2 cents; May 12 MGEX Wheat closed at USD8.08 1/2, down 7 cents. Funds sold 1,000 Chicago contracts on the day it is estimated, withj weakness in corn weighing on the market. Winter wheat crop conditions jumped another 3 percentage points this week to 64% good/excellent. Maturity is well ahead of normal at 29% headed compared to just 8% on the five year average. Spring wheat planting is 37% complete versus the five year average of just 9%. Emergence is 10% against 1% normally.