eCBOT Close, Early Call
The overnight eCBOT grains closed higher, but off session highs backed by a weak dollar and firmer crude oil.
Beans closed with gains of 14 cents, having earlier been 18-22 cents higher, with wheat up around 6 cents and corn flat to 2 cents steadier.
Firmer equities also added some support to the complex, along with a generally slightly more optimistic mood.
Crude appears to have an eye on attempting to break through $65 on increased refinery activity in China.
US weather conditions remain beneficial for crop development with corn at the key pollination stage and soybeans about to start setting pods.
The Chinese government's sale this week of 500,000 MT soybeans is not expected to attract too much buying interest, as the minimum bid price is too high. With China estimated to be holding as many, if not more, soybean stocks than the US themselves and it's own bean harvest expected in October there will probably be more sales to come.
Imports are seen slackening off, albeit from a record pace, over the next few months.
After the close of CBOT tonight we'll have the latest USDA crop conditions report.
Early calls for this afternoon's CBOT session: corn called steady to 2 higher; beans called 8 to 12 higher; wheat called 4 to 6 higher.
Beans closed with gains of 14 cents, having earlier been 18-22 cents higher, with wheat up around 6 cents and corn flat to 2 cents steadier.
Firmer equities also added some support to the complex, along with a generally slightly more optimistic mood.
Crude appears to have an eye on attempting to break through $65 on increased refinery activity in China.
US weather conditions remain beneficial for crop development with corn at the key pollination stage and soybeans about to start setting pods.
The Chinese government's sale this week of 500,000 MT soybeans is not expected to attract too much buying interest, as the minimum bid price is too high. With China estimated to be holding as many, if not more, soybean stocks than the US themselves and it's own bean harvest expected in October there will probably be more sales to come.
Imports are seen slackening off, albeit from a record pace, over the next few months.
After the close of CBOT tonight we'll have the latest USDA crop conditions report.
Early calls for this afternoon's CBOT session: corn called steady to 2 higher; beans called 8 to 12 higher; wheat called 4 to 6 higher.