eCBOT Close, Early Call
The overnights closed lower, with beans and corn 3-4 cents easier and wheat around 10 cents down.
Prices were in positive territory early on, but fell back mid-morning as the dollar came off session lows.
Once again US wheat is proving about as popular as a ginger-haired stepson. Saudi Arabia bought 440,000 MT of wheat of unspecified origin late last week, Iraq is shopping for 100,000 MT of any origin wheat. Only good old reliable Japan is in for anything specific - 110,000 MT of mixed origin wheat of which 85,000 MT is US. So at least that's one sale they should make this week.
Not that we are exactly awash with export interest here in Europe either, Russia and now Kazakhstan seem to be winning most of the tenders going at the moment.
There certainly hasn't been a problem with lack of rainfall in South America this season, if anything parts of the region have had too much rain. But warm temperatures and plenty of the wet stuff seems to be creating greenhouse like conditions, and analysts continue to raise their production forecasts. I haven't seen 66 MMT for Brazil yet, but it may only be a matter of time.
The only benefit for the US in all of that is that it may keep China coming back for American beans for a little while longer yet, as the harvest in Mato Grosso trundles along at around 3% done. The USDA today report a 2009/10 sale to China of 100,000 MT.
South Korea bought 85,000 MT of optional origin corn overnight. The USDA have just reported a sale of 116,000 MT to unknown.
Early calls are for corn and soybeans to open 2 to 4 lower and CBOT wheat called 8 to 10 lower.
Prices were in positive territory early on, but fell back mid-morning as the dollar came off session lows.
Once again US wheat is proving about as popular as a ginger-haired stepson. Saudi Arabia bought 440,000 MT of wheat of unspecified origin late last week, Iraq is shopping for 100,000 MT of any origin wheat. Only good old reliable Japan is in for anything specific - 110,000 MT of mixed origin wheat of which 85,000 MT is US. So at least that's one sale they should make this week.
Not that we are exactly awash with export interest here in Europe either, Russia and now Kazakhstan seem to be winning most of the tenders going at the moment.
There certainly hasn't been a problem with lack of rainfall in South America this season, if anything parts of the region have had too much rain. But warm temperatures and plenty of the wet stuff seems to be creating greenhouse like conditions, and analysts continue to raise their production forecasts. I haven't seen 66 MMT for Brazil yet, but it may only be a matter of time.
The only benefit for the US in all of that is that it may keep China coming back for American beans for a little while longer yet, as the harvest in Mato Grosso trundles along at around 3% done. The USDA today report a 2009/10 sale to China of 100,000 MT.
South Korea bought 85,000 MT of optional origin corn overnight. The USDA have just reported a sale of 116,000 MT to unknown.
Early calls are for corn and soybeans to open 2 to 4 lower and CBOT wheat called 8 to 10 lower.