eCBOT Close, Early Call
eCBOT grains closed higher on the overnights with beans up around 12-14 cents, corn a couple of cents firmer and wheat up 3-5 cents.
The Buenos Aires Grain Exchange dropped its estimate for the 2009 Argy soybean crop to 34 MMT, with some private analysts now saying 32 MMT, that's a far cry from early season hopes of a 50 MMT crop.
The brutal drought looks set to continue and could easily trim another 2-3 MMT off current estimates with around a third of the crop still to harvest. There are some reports of an early frost having done some damage in the last couple of days too, just to add insult to injury.
The acute dryness will also begin to affect wheat planting intentions, which are already pegged 19% lower.
Weekly export sales for soybeans were impressive yet again at 834,600 MT for old crop and 335,500 MT for 2009/10. China took 468,400 MT of the old crop sales with a further 165,100 MT going to unknown destinations. Meal sales were bullish too at 293,000 MT, a marketing-year high.
Corn sales were also strong at 1,225,200 MT and 116,000 MT for delivery in 2009/10. In addition South Korea bought 220,000 MT of corn overnight.
Wheat sales were not so bright at 142,400 MT for old crop and 18,000 MT for new crop.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 2 to 4 higher; soybeans 10 to 15 higher; wheat 3 to 5 higher.
The Buenos Aires Grain Exchange dropped its estimate for the 2009 Argy soybean crop to 34 MMT, with some private analysts now saying 32 MMT, that's a far cry from early season hopes of a 50 MMT crop.
The brutal drought looks set to continue and could easily trim another 2-3 MMT off current estimates with around a third of the crop still to harvest. There are some reports of an early frost having done some damage in the last couple of days too, just to add insult to injury.
The acute dryness will also begin to affect wheat planting intentions, which are already pegged 19% lower.
Weekly export sales for soybeans were impressive yet again at 834,600 MT for old crop and 335,500 MT for 2009/10. China took 468,400 MT of the old crop sales with a further 165,100 MT going to unknown destinations. Meal sales were bullish too at 293,000 MT, a marketing-year high.
Corn sales were also strong at 1,225,200 MT and 116,000 MT for delivery in 2009/10. In addition South Korea bought 220,000 MT of corn overnight.
Wheat sales were not so bright at 142,400 MT for old crop and 18,000 MT for new crop.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 2 to 4 higher; soybeans 10 to 15 higher; wheat 3 to 5 higher.