Early Call On Chicago
08/12/10 -- The overnight grains were lower, but off session lows, with wheat mostly down around 8-12c, corn down 4-5c and soybeans off 8-10c.The dollar is up and crude oil is down and back below USD90/barrel.
Not a lot has changed but it looks like we are in for some book-squaring ahead of Friday's USDA report, and with traders eyeing their year ends.
US ending stock estimates for Friday's report in billion bushels are as follows:
| Product | Avg Est | Range | USDA Nov Est | USDA 09/10 |
| Wheat | 0.855 | 0.750-0.905 | 0.853 | 0.976 |
| Corn | 0.845 | 0.699-1.048 | 0.902 | 1.708 |
| Beans | 0.243 | 0.150-0.340 | 0.265 | 0.151 |
Despite the growing belief that the US may largely have the wheat export market in it's back pocket during the first half of 2011, ending stocks are seen fractionally higher than last month for some reason.
Corn and soybean stocks meanwhile are seen falling, the former from increased ethanol usage. The latter on the back on continued strong demand from China, and possibly the late planting of the Argentine crop making demand for US beans last just that little bit longer.
Ukraine have extended their export quota system up to the end of March.
Early calls for this afternoon's CBOT session: Beans down 8 to 10 cents, corn down 4 to 5 cents, and wheat down 8 to 10 cents.