Nogger's Blog

14/09/11 -- Soybeans: Sep 11 soybeans closed at USD13.74, down 7 1/4 cents; Nov 11 soybeans closed at USD13.82 3/4, down 9 cents; Sep 11 soybean meal closed at USD357.90, up USD0.60; Sep 11 soybean oil closed at 56.75, down 41 points. Beans are still hungover from Monday's bearish USDA report. To add insult to injury the NOPA soybean crush for August came in at 118.8 million bushels, below the 119.7 million expected and 4.2 million down on August 2010. Trade estimates for tomorrows weekly export sales report are 400 to 600 thousand MT. Bulls are keen to focus on the frost threat for the Upper Midwest across the next couple of days.

Corn: Sep 11 corn closed at USD7.13, up 3 3/4 cents; Dec 11 corn closed at USD7.24 1/4, up 1 1/4 cents. Monday's report was mixed for corn, showing reduced US production but also lower consumption. There's talk of Argentina having a larger crop than the USDA currently estimate and of them authorising more exports from what is the world's biggest competitor to US corn. Trade estimates for tomorrows weekly export sales report are in the region of 400 to 700 thousand MT.

Wheat: Sep 11 CBOT wheat closed at USD7.01 3/4, up 13 cents; Sep 11 KCBT wheat closed at USD7.65 1/2, down 12 cents; Sep 11 MGEX Wheat closed at USD9.29, up 2 1/4 cents. The frost threat in the northern Plains is only a minor risk to wheat. Egypt bought Russian wheat once again in today's tender, underlining the uncompetitive nature of US wheat. Trade estimates for tomorrows weekly export sales report range from 300 to 600 MT.