eCBOT Close, Early Call

The overnight session closed steadier, with beans around 3 cents higher, corn 4-5 cents higher and wheat up 2-3 cents.

Talk of a frost threat for parts of the Midwest next week might encourage traders to add back some of the risk premiums that have been taken away recently.

With heavy rains persisting in the Mississippi Delta thwarting early attempts at soybean harvesting, dryness and a "back door cold front" (I kid you not, Mrs Nogger#1 had one of those for fifteen years) will move across the Northern and Western Corn Belt over the next 24 hours, say QT Weather.

Six days from now, Sunday Sept 20, the Delta low has still moved little, the Corn Belt remains dry, and the Northern Plains sees a big cool-down, they add.

Some private forecasters are saying that this cool-down brings the first potential frost threat of the season.

China's National Grain and Oils Information Centre, try saying that with your mouth full, or CNGOIC say that the country will import just 1.8 MMT of soybeans in October, before imports climb again towards the end of the year. That would be China's lowest monthly bean imports since Feb 2007.

A simmering potential trade dispute between China and the US lends a bit of extra concern and uncertainty, although imports are currently expected back up to the 4 MMT region by Nov/Dec.

Australia might produce a little more wheat this season, said ABARE, although it's estimates are largely in line with the rest of the trade's 22-23 MMT. A lot still depends on rains from here on in, although El Nino hasn't gone away, it seems like less of a potential threat than it did a month or two ago.

Japan are in the market for 117,000 MT of wheat 75,000 MT of which is US origin. Egypt are also said to be sniffing for 30-60,000 MT of wheat again this week, although from past experience they could buy anything.

China sold 1.32 MMT at it's weekly corn auction, as it attempts to make some room for this season's crop.

Crude is steady around $69.50/barrel and Wall Street is expected to open a little higher, following the lead of European stocks.

Early calls for this afternoon's CBOT session: corn called 2 to 5 higher; beans called 2 to 4 higher; wheat called 1 to 3 higher