eCBOT Close, Early Call
The overnight grains closed firmer, with beans 4-5 cents higher, corn up 3-4 cents and wheat 9-10 cents higher.
The dollar is off yesterday's highs a little and crude oil is a tad firmer.
There doesn't seem to have been any huge shift in fundamentals, and the trend remains lower across the grains complex, however it looks as if we may see a bit of a correction from recent steep losses today.
The soybean harvest is around 5% done in Brazil, more than double last season's pace, reflecting the large increase in early sown, fast maturing varieties planted for this season's harvest.
There are already reports of logistical problems in Mato Grosso.
in the US HRW wheat states, the snowmelt from last week's winter storm will replenish topsoil moisture but it was still not enough to offset winter drought, says Gail Martell of Martell Crop Projections. Conditions have been extremely dry in southern Kansas, the northern Texas panhandle and northern Oklahoma. Barely half of normal moisture was received November-January, including the recent snow storm, says Gail.
Japan are tendering for 85,000 MT of wheat this week, of which 65,000 MT is US origin. It will be interesting to see if weekly export sales for wheat can hold up for a third week in Thursday's USDA report. Weekly shipments need to average 500,000 MT/week for the remainder of the marketing year to reach the USDA's projected target.
There are no such problems for soybean export inspections, which are currently at 67.8% of USDA projections, that is well above the 55.2% for the five year average. Sales now need to only average 14.3 million bushels/week (390,000 MT) for the remainder of the season.
For US corn, quality remains a major issue, and one that might worsen when warmer weather finally arrives.
Early calls for this afternoon's CBOT session: corn called 1 to 3 higher; soybeans called 3 to 5 higher; wheat called 7 to 10 higher.
The dollar is off yesterday's highs a little and crude oil is a tad firmer.
There doesn't seem to have been any huge shift in fundamentals, and the trend remains lower across the grains complex, however it looks as if we may see a bit of a correction from recent steep losses today.
The soybean harvest is around 5% done in Brazil, more than double last season's pace, reflecting the large increase in early sown, fast maturing varieties planted for this season's harvest.
There are already reports of logistical problems in Mato Grosso.
in the US HRW wheat states, the snowmelt from last week's winter storm will replenish topsoil moisture but it was still not enough to offset winter drought, says Gail Martell of Martell Crop Projections. Conditions have been extremely dry in southern Kansas, the northern Texas panhandle and northern Oklahoma. Barely half of normal moisture was received November-January, including the recent snow storm, says Gail.
Japan are tendering for 85,000 MT of wheat this week, of which 65,000 MT is US origin. It will be interesting to see if weekly export sales for wheat can hold up for a third week in Thursday's USDA report. Weekly shipments need to average 500,000 MT/week for the remainder of the marketing year to reach the USDA's projected target.
There are no such problems for soybean export inspections, which are currently at 67.8% of USDA projections, that is well above the 55.2% for the five year average. Sales now need to only average 14.3 million bushels/week (390,000 MT) for the remainder of the season.
For US corn, quality remains a major issue, and one that might worsen when warmer weather finally arrives.
Early calls for this afternoon's CBOT session: corn called 1 to 3 higher; soybeans called 3 to 5 higher; wheat called 7 to 10 higher.