eCBOT Close, Early Call
The overnight markets closed sharply lower with beans down around 22-24 cents on old crop and 34-38 cents on new crop. Wheat was around 12-13 cents lower and corn 8-10 lower.
Weaker outside markets and a firmer dollar combined to push the entire complex lower amid cautious comments from Chinese premier Wen Jibao over the durability of economic recovery in the world's third largest economy.
Crude oil is 75 cents lower at £71.29/barrel, with metals and world stock markets also down. Wall Street is expected to follow suit this afternoon.
The dollar is firmer across the board after Russia's finance minister, Alexei Kudrin, whilst speaking at the G8 Summit over the weekend said that he dollar's status as the world's main reserve currency wasn't likely to change soon. Russia and China have recently been pushing for a new "global currency".
Later today we will get the May NOPA crush report, with the trade expecting 137.2 million bushels of soybeans to have been crushed during the month.
Much warmer weather is in store for the US Midwest this week, according to forecasts, with temperatures pushing into the low 90's. After a string of cooler than normal weeks, this warm-up will be welcomed by most and should enable good progress to be made with soybean plantings and speed up corn development.
Tonight we will get the USDA's latest planting progress and crop condition reports. Last week corn plantings were 97% done, beans 78% planted and spring wheat 96% completed.
Egypt says it has 4 MMT of wheat in it's strategic reserves, including 2.8 MMT of locally procured wheat, which will be enough to last it until the end of the year.
Early calls for this afternoon's CBOT session: July corn called 8 to 10 lower;
July soybeans called 20 to 25 lower; July CBOT wheat called 10 to 12 lower.
Weaker outside markets and a firmer dollar combined to push the entire complex lower amid cautious comments from Chinese premier Wen Jibao over the durability of economic recovery in the world's third largest economy.
Crude oil is 75 cents lower at £71.29/barrel, with metals and world stock markets also down. Wall Street is expected to follow suit this afternoon.
The dollar is firmer across the board after Russia's finance minister, Alexei Kudrin, whilst speaking at the G8 Summit over the weekend said that he dollar's status as the world's main reserve currency wasn't likely to change soon. Russia and China have recently been pushing for a new "global currency".
Later today we will get the May NOPA crush report, with the trade expecting 137.2 million bushels of soybeans to have been crushed during the month.
Much warmer weather is in store for the US Midwest this week, according to forecasts, with temperatures pushing into the low 90's. After a string of cooler than normal weeks, this warm-up will be welcomed by most and should enable good progress to be made with soybean plantings and speed up corn development.
Tonight we will get the USDA's latest planting progress and crop condition reports. Last week corn plantings were 97% done, beans 78% planted and spring wheat 96% completed.
Egypt says it has 4 MMT of wheat in it's strategic reserves, including 2.8 MMT of locally procured wheat, which will be enough to last it until the end of the year.
Early calls for this afternoon's CBOT session: July corn called 8 to 10 lower;
July soybeans called 20 to 25 lower; July CBOT wheat called 10 to 12 lower.