eCBOT Close, Early Call
The overnights closed firmer, with corn for once leading the way closing around 8 cents higher on ideas that the USDA will revise down their acreage estimate next month. Beans closed around 8-9 cents firmer too, with wheat 3-4 cents higher.
The USDA will adjust it's June 30th stab in the dark with corn to reflect what it calls "variable weather conditions in key crop-growing regions". Trade talk is that half a million acres could be lopped off, but second guessing what the USDA will do next is proving to be somewhat difficult.
Even if they do decrease the acreage yields at the moment are likely underestimated anyway, so one could cancel out the other. University of Illinois' Darrel Good estimates the corn yield at an eye popping 161.9 bushels an acre, compared to 153.4 bu/acre from the USDA.
Weekly export sales were strong for beans and corn, and in line with expectations for wheat.
China failed to sell a single tonne of beans at it's domestic auction today, yet Chinese buyers took a further 157,600 MT of US old crop and a ruck of new crop today.
The CFTC possibly introducing some new trading restrictions to speculative activity in the wheat pit is being viewed as bearish.
South Korea announced they are seeking 220,000 MT corn and 55,000 wheat, Israel are seeking 18,000 MT wheat, Japan bought 108,000 MT of mostly US wheat.
Early calls for this afternoon's CBOT session: corn called 7 to 10 higher; soybeans called 7 to 10 higher; wheat called 2 to 4 higher.
The USDA will adjust it's June 30th stab in the dark with corn to reflect what it calls "variable weather conditions in key crop-growing regions". Trade talk is that half a million acres could be lopped off, but second guessing what the USDA will do next is proving to be somewhat difficult.
Even if they do decrease the acreage yields at the moment are likely underestimated anyway, so one could cancel out the other. University of Illinois' Darrel Good estimates the corn yield at an eye popping 161.9 bushels an acre, compared to 153.4 bu/acre from the USDA.
Weekly export sales were strong for beans and corn, and in line with expectations for wheat.
China failed to sell a single tonne of beans at it's domestic auction today, yet Chinese buyers took a further 157,600 MT of US old crop and a ruck of new crop today.
The CFTC possibly introducing some new trading restrictions to speculative activity in the wheat pit is being viewed as bearish.
South Korea announced they are seeking 220,000 MT corn and 55,000 wheat, Israel are seeking 18,000 MT wheat, Japan bought 108,000 MT of mostly US wheat.
Early calls for this afternoon's CBOT session: corn called 7 to 10 higher; soybeans called 7 to 10 higher; wheat called 2 to 4 higher.