eCBOT Close, Early Call
The overnight grains closed with soybeans around 10-12 cents higher and wheat and corn around unchanged.
The dollar is weaker and crude oil a bit firmer. Tensions in the Middle East following the seizure of five British sailors by Iran, and reports that it was to press ahead with it's decision to build 10 new uranium enrichment plants, are proving supportive for crude.
The USDA report that 21% of the US corn crop was still to be harvested as of Sunday, 4% of soybeans are still left in the field and wheat planting is now 96% done.
On the weather front "rain and snow will fall on Illinois and Indiana’s yet to be harvested corn crop Wednesday along with some gusty winds too. The good news is that freezing temperatures and drier weather will follow this storm from Thursday through next Monday, hardening, freezing and drying to bring home the corn crop," say QT Weather.
That particular weather scenario will, however, do little to help get the last remaining 7-8% of planned SRW wheat acres into the ground in those two states.
Private exporters today reported to the USDA export sales of 116,000 MT of corn for delivery to unknown destinations during the 2010/2011 marketing year.
The US Environmental Protection Agency are due to make an announcement sometime today regarding a proposal to increase the maximum amount of ethanol blended with gasoline from 10 percent. If they were to agree to a hike to 12 or even 15 percent then that would be construed as bullish for corn demand.
The EU approving the import of Sygenta GM corn variety MIR6045 is also seen as friendly for corn and soymeal.
It would not be an enormous shock to see fund money flowing back into agri-commodities today, the first of the month. They maybe don't need an excuse but the EPA could give them one anyway.
Despite a lack of demand and ample supply wheat just seems to be going along for the ride.
Early calls for this afternoon's CBOT session: corn called and wheat called steady to 2 higher; soybeans called 7 to 10 higher.
The dollar is weaker and crude oil a bit firmer. Tensions in the Middle East following the seizure of five British sailors by Iran, and reports that it was to press ahead with it's decision to build 10 new uranium enrichment plants, are proving supportive for crude.
The USDA report that 21% of the US corn crop was still to be harvested as of Sunday, 4% of soybeans are still left in the field and wheat planting is now 96% done.
On the weather front "rain and snow will fall on Illinois and Indiana’s yet to be harvested corn crop Wednesday along with some gusty winds too. The good news is that freezing temperatures and drier weather will follow this storm from Thursday through next Monday, hardening, freezing and drying to bring home the corn crop," say QT Weather.
That particular weather scenario will, however, do little to help get the last remaining 7-8% of planned SRW wheat acres into the ground in those two states.
Private exporters today reported to the USDA export sales of 116,000 MT of corn for delivery to unknown destinations during the 2010/2011 marketing year.
The US Environmental Protection Agency are due to make an announcement sometime today regarding a proposal to increase the maximum amount of ethanol blended with gasoline from 10 percent. If they were to agree to a hike to 12 or even 15 percent then that would be construed as bullish for corn demand.
The EU approving the import of Sygenta GM corn variety MIR6045 is also seen as friendly for corn and soymeal.
It would not be an enormous shock to see fund money flowing back into agri-commodities today, the first of the month. They maybe don't need an excuse but the EPA could give them one anyway.
Despite a lack of demand and ample supply wheat just seems to be going along for the ride.
Early calls for this afternoon's CBOT session: corn called and wheat called steady to 2 higher; soybeans called 7 to 10 higher.