eCBOT Close, Early Call
The overnight markets closed a little steadier, partially correcting last night's steep losses. Beans closed with gains of around 12-16 cents, with wheat around 3 cents higher, and corn just fractions into positive territory.
A modest bounce by the Dow Jones Industrial Average futures, correcting a 200 point nose-dive last night, and slightly weaker dollar were modestly supportive for grains.
Crude is hovering around $68/barrel, nervously awaiting the API stocks data due later tonight.
China estimates it will import 4.341 MMT of soybeans in June and a further 3.558 MMT in July.
The USDA will undoubtedly raise it's planting figures for beans next week, and lower those for corn. A sharp increase in soybean acres should equate to a large increase in ending stocks for next season, with increased production also expected from South America lower US exports are surely a given?
Depending how much they reduce corn acres, you could make out a case for being modestly bullish corn however, as that will also mean reduced 2009/10 ending stocks.
Meanwhile the US wheat harvest is soldiering on, whist reports coming out of Kansas are better than the disaster areas of Oklahoma and Texas, they are still only "mixed" from the country's top-producing winter wheat state.
on the weather front intense heat has arrived across the Plains and Southern Corn Belt, marking the beginning of the season’s first heat wave, says Allen Motew of QT Weather. Readings will consistently reach 100 degrees over the next six days in Kansas and Nebraska with upper 90’s across Missouri, Illinois, Arkansas, Tennessee and Kentucky.
On the periphery of this heat wave, a favourable rain soaking will hit the only “drought regions” of the Midwest - across E South Dakota, Minnesota and Wisconsin, he adds. Unwelcome rains will further cause fits for farmers yet to plant in SE Illinois and C and S Indiana where up to 400% of normal rain all ready has fallen so far this month, he concludes.
Early calls for this afternoon's CBOT session: Corn steady to 2 higher, Soybeans 10 to 15 higher, Wheat 2 to 4 higher.
A modest bounce by the Dow Jones Industrial Average futures, correcting a 200 point nose-dive last night, and slightly weaker dollar were modestly supportive for grains.
Crude is hovering around $68/barrel, nervously awaiting the API stocks data due later tonight.
China estimates it will import 4.341 MMT of soybeans in June and a further 3.558 MMT in July.
The USDA will undoubtedly raise it's planting figures for beans next week, and lower those for corn. A sharp increase in soybean acres should equate to a large increase in ending stocks for next season, with increased production also expected from South America lower US exports are surely a given?
Depending how much they reduce corn acres, you could make out a case for being modestly bullish corn however, as that will also mean reduced 2009/10 ending stocks.
Meanwhile the US wheat harvest is soldiering on, whist reports coming out of Kansas are better than the disaster areas of Oklahoma and Texas, they are still only "mixed" from the country's top-producing winter wheat state.
on the weather front intense heat has arrived across the Plains and Southern Corn Belt, marking the beginning of the season’s first heat wave, says Allen Motew of QT Weather. Readings will consistently reach 100 degrees over the next six days in Kansas and Nebraska with upper 90’s across Missouri, Illinois, Arkansas, Tennessee and Kentucky.
On the periphery of this heat wave, a favourable rain soaking will hit the only “drought regions” of the Midwest - across E South Dakota, Minnesota and Wisconsin, he adds. Unwelcome rains will further cause fits for farmers yet to plant in SE Illinois and C and S Indiana where up to 400% of normal rain all ready has fallen so far this month, he concludes.
Early calls for this afternoon's CBOT session: Corn steady to 2 higher, Soybeans 10 to 15 higher, Wheat 2 to 4 higher.