CBOT Early Call
The overnight grains closed mostly a little steadier with beans up around 2-4c, corn flat and wheat 1-2c higher.
Crude oil is supportive at the best part of USD2/barrel higher, and the dollar is also helping a little being slightly weaker. Inventory data due out later today is expected to show US crude stocks fell last week.
Warm and wet remains the forecast for many parts of the Midwest, great for newly planted corn.
China bought 240,000 MT of new crop soybeans today and also 40,000 MT of old crop soyoil. With the ongoing dispute with Argentina over soyoil seemingly far from over that could prove significant.
The US Senate are expected to vote in the resumption of the blenders tax credit on biodiesel next week too, that would give a further boost to soyoil, and beans as a spin-off.
With the USDA's supply and demand and ending stocks numbers out tomorrow, I think we will see some book-squaring going on today. With beans, corn and wheat all at or close to multi-month lows that could mean a higher close across the board on the grains sector tonight.
Early calls are corn to open mixed; soybeans called 2 to 4 higher; wheat called 1 to 2 higher. I'd be looking for them all to finish higher than that at the close as things stand at the moment, subject to crude oil holding steady.
Crude oil is supportive at the best part of USD2/barrel higher, and the dollar is also helping a little being slightly weaker. Inventory data due out later today is expected to show US crude stocks fell last week.
Warm and wet remains the forecast for many parts of the Midwest, great for newly planted corn.
China bought 240,000 MT of new crop soybeans today and also 40,000 MT of old crop soyoil. With the ongoing dispute with Argentina over soyoil seemingly far from over that could prove significant.
The US Senate are expected to vote in the resumption of the blenders tax credit on biodiesel next week too, that would give a further boost to soyoil, and beans as a spin-off.
With the USDA's supply and demand and ending stocks numbers out tomorrow, I think we will see some book-squaring going on today. With beans, corn and wheat all at or close to multi-month lows that could mean a higher close across the board on the grains sector tonight.
Early calls are corn to open mixed; soybeans called 2 to 4 higher; wheat called 1 to 2 higher. I'd be looking for them all to finish higher than that at the close as things stand at the moment, subject to crude oil holding steady.