Nogger's Blog

21/10/11 -- Soybeans: Nov 11 Soybeans closed at USD12.12 1/4, down 12 3/4 cents; Jan 12 Soybeans closed at USD12.20 3/4, down 9 3/4 cents; Dec 11 Soybean Meal closed at USD316.50, down USD3.80, Dec 11 Soybean Oil closed at 51.25, down 14 points. On the week overall Nov 11 beans fell 57 3/4 cents on demand concerns and profit-taking ahead of a crucial week in Europe. Reports of better than expected yields keep on coming. The USDA surprised the market by cutting it's yield forecast earlier in the month, there are plenty that think a national average of 41.5 bu/acre is now too low. A combination of a higher yield and slower than anticipated US sales to China may mean that there is room for some upwards revision in potential 2011/12 ending stocks next month.

Corn: Dec 11 Corn closed at USD6.49 1/4, down 1/4 cent; Mar 12 Corn closed at USD6.60, up 3/4 cent. Dec corn posted a modest 9 1/4 cent rise on the week and appears to have found it's level for now. Funds were said to have bought around 5,000 contracts on the day on rumours that more US corn has been sold to China than this week's export sales report suggested. Profit-taking ahead of what is expected to be a busy harvest weekend, and nervousness over the European debt situation kept early price-rises in check however. Some trade talk has China buying Australian feed wheat in preference to US corn at substantially discounted prices.

Wheat: Dec 11 CBOT Wheat closed at USD6.32, up 1 1/4 cents; Dec 11 KCBT Wheat closed at USD7.23, down 2 cents; Dec 11 MGEX Wheat closed at USD9.19 1/4, up 1 3/4 cents. Chicago wheat gained 9 1/4 cents on the week, with Kansas up 15 1/2 cents and Minneapolis rising 26 3/4 cents. Chicago wheat has gained on the week due to short-covering rather than spectacular demand. Winter wheat planting on the Great Plains is behind schedule and a hard freeze is expected Wednesday and Thursday next week. US wheat faces stiff competition of the world export stage from the FSU, Canada and Australia.