Nogger's Blog

23/04/15 -- Soycomplex: Beans closed around 7-8 cents firmer. Brazilian truck drivers are said to be caling a new strike starting today which is obviously seen as supportive for US beans. Weekly export sales of 102,100 MT were at least not the negative number that some were expecting. New crop sales of only 8.100 MT were a bearish surprise however. May 15 beans ended up 7 3/4 cents at 978 1/4, may 15 meal was up $1.10 at $316.60 and May 15 oil ended at 32.02, up 46 points.

Corn: The corn market ended around 2 cents lower. Weekly export sales of 867,900 MT on old crop and 6.200 MT on the new crop were at the top end of trade expectations. Continued talk of US bird flu sapping feed demand was bearish however. The IGC forecast the global corn harvest 1.1% higher than a month ago at 951 MMT. The crop in Europe will come in at 76 MMT, nearly 4% more than they estimated just a month ago, they now predict. May 15 corn ended at 370 3/4, down 1 1/4 cents.

Wheat: The wheat market closed mixed. Weekly export sales of 397.500 MT were much better than last week's feeble effort. There were also new crop sales of 126,700 MT. India's 2015 wheat crop was estimated at only 87.9 MMT, down more than 8% on a year ago due to heavy rains and hail at harvest time. That would be their smallest crop since 2011. It's highly likely that quality has also been impaired, meaning that much of what is harvestable will need to be blended with better quality imported wheat from abroad. May 15 CBOT wheat closed at 497 3/4, down a cent.