Nogger's Blog

12/10/12 -- Soycomplex: Nov 12 Soybeans closed at USD15.22 1/2, down 26 cents; Jan 13 Soybeans closed at USD15.22, down 26 1/2 cents; Oct 12 Soybean Meal closed at USD474.30, down USD8.40; Oct 12 Soybean Oil closed at 49.89, down 99 points. For the week Nov 12 beans fell 28 1/2 cents, Oct 12 meal dropped 40 cents and Oct 12 oil lost 87 points. Weekly export sales for beans of 500,700 MT for 2012/13 and 23 TMT for 2013/14 fell below the expected 700-900 TMT. Actual shipments of 1.179 MMT though were the highest in the last 8 years for this week of the season. Safras e Mercados said that 9% of the Brazilian soybean crop has been planted versus 13% a year ago and 5% on average. Early planting there has been delayed as farmers wait for decent rains. These are finally expected to become widespread across central and northwestern Brazil this weekend and especially next week, significantly improving conditions for corn and soybean germination and early growth, say MDA CropCast.

Corn: Dec 12 Corn closed at USD7.52 3/4, down 20 1/2 cents; Mar 13 Corn closed at USD7.52 3/4, down 20 1/2 cents. For the week Dec 12 corn was 4 3/4 cents higher and Mar 13 4 1/4 cents firmer. Weekly export sales of a paltry 4,200 MT for 2012/13 shipment and 10 TMT for 2013/14 fell well short of the expected 300-425 TMT. Year to date sales commitments now total 410.7 million bushels, little more than half the 723.1 million at this time last year. Export sales need to average 420 TMT/week to meet the latest USDA target for 2012/13. South Korea cancelled a tender for 210 TMT of optional origin corn for March/April shipment due to high prices. Corn demand clearly is being rationed it would seem, at least in the case of US corn. With Brazilian corn already lined up to be shipped into US feed houses there was some talk today of Argentine corn also being lined up to be imported into the US.

Wheat: Dec 12 CBOT Wheat closed at USD8.56 3/4, down 29 1/4 cents; Dec 12 KCBT Wheat closed at USD8.90 1/4, down 27 3/4 cents; Dec 12 MGEX Wheat closed at USD9.24 1/4, down 22 1/2 cents. For the week CBOT wheat was 3/4 of a cent easier, with Kansas wheat up 11 1/2 cents and Minneapolis rising 4 3/4 cents. Weekly export sales of 279,877 MT also fell short of the expected 300-500 TMT. As well as cancelling a corn tender South Korea also called off one for 70 TMT of optional origin wheat for Jan shipment due to high prices. MDA CropCast said that "the US precipitation outlook has trended wetter cross the central Plains into the west central Midwest. The upturn in rains will further improve moisture supplies for winter wheat as the crop pushes into dormancy." Russia's Ag Ministry said that the grain harvest is over producing 71.7 MMT, 24% down on last season.