Morning Market Summary
The main event of the day is of course the USDA's June supply & demand and stocks numbers due out at 13.30 BST, although only minor adjustments are expected.
Corn, soybean and wheat 2009/10 ending stocks are all expected to be reduced slightly from last months estimates of 1.738 billion bu, 190 million and 950 million respectively.
For 2010/11 carryout corn is seen increasing slightly from last months 1.818 billion bushels, whilst soybeans and wheat may be reduced a little from 365 million and 997 million respectively.
Weekly export sales are also announced this afternoon with soybeans and wheat expected to come in around the 250,000 MT mark, and corn at around 500,000 MT.
Japan has bought 151,000 MT of wheat in its regular Thursday tender, with 101,000 MT of that being US origin.
The pound is firmer against both the dollar and euro, which may put London wheat under further pressure this morning.
The BoE are out at midday with their decision on interest rates this month, nobody is expecting any changes.
The ECB is also meeting today and is expected to leave interest rates on hold, although there is some talk of them increasing QE measures.
Chinese exports rose 48.5% in May, suggesting that the global recession hasn't hit them too hard.
BP shares, which slumped 16% in heavy US trade last night, fell a further 12% as London opened this morning to trade at their lowest level since 1997.
Corn, soybean and wheat 2009/10 ending stocks are all expected to be reduced slightly from last months estimates of 1.738 billion bu, 190 million and 950 million respectively.
For 2010/11 carryout corn is seen increasing slightly from last months 1.818 billion bushels, whilst soybeans and wheat may be reduced a little from 365 million and 997 million respectively.
Weekly export sales are also announced this afternoon with soybeans and wheat expected to come in around the 250,000 MT mark, and corn at around 500,000 MT.
Japan has bought 151,000 MT of wheat in its regular Thursday tender, with 101,000 MT of that being US origin.
The pound is firmer against both the dollar and euro, which may put London wheat under further pressure this morning.
The BoE are out at midday with their decision on interest rates this month, nobody is expecting any changes.
The ECB is also meeting today and is expected to leave interest rates on hold, although there is some talk of them increasing QE measures.
Chinese exports rose 48.5% in May, suggesting that the global recession hasn't hit them too hard.
BP shares, which slumped 16% in heavy US trade last night, fell a further 12% as London opened this morning to trade at their lowest level since 1997.