eCBOT Close/Early Call
Overnight grains on the eCBOT market closed mixed Friday morning with corn 3-4c lower, wheat 2-3c lower and soybeans 6-7c firmer.
Grain futures were mostly stable or lower on Friday in line with a broad sell-off in commodities markets as worries over the weather eased.
But soybeans recovered slightly after a heavy slump on Thursday. The contract settled down 52 cents at $15.21 a bushel on Thursday as the market was hit by the Argentine Senate's decision to reject a tax hike on soybean exports that had sparked a political crisis and paralyzed trade in one of the world's leading soy exporters.
Corn could suffer more losses in the days ahead as crop conditions improve for the heart of the U.S. Midwest, a prime production region, analysts said.
“Unless the weather pattern changes the market has no power to go up at the moment,” said Genichiro Higaki, head of the proprietary fund management team at Sumitomo Corp in Tokyo.
“There is overall weakness in the commodities markets, that is another reason.”
Mild weather across the U.S. Midwest should be favourable for corn and soybean development for at least the next week, a forecaster said on Thursday.
For Friday afternoon's CBOT session earliest calls are: Corn futures are expected to open 3 to 4 lower; soybeans 6 to 8 higher; and wheat 1 to 3 lower.
Grain futures were mostly stable or lower on Friday in line with a broad sell-off in commodities markets as worries over the weather eased.
But soybeans recovered slightly after a heavy slump on Thursday. The contract settled down 52 cents at $15.21 a bushel on Thursday as the market was hit by the Argentine Senate's decision to reject a tax hike on soybean exports that had sparked a political crisis and paralyzed trade in one of the world's leading soy exporters.
Corn could suffer more losses in the days ahead as crop conditions improve for the heart of the U.S. Midwest, a prime production region, analysts said.
“Unless the weather pattern changes the market has no power to go up at the moment,” said Genichiro Higaki, head of the proprietary fund management team at Sumitomo Corp in Tokyo.
“There is overall weakness in the commodities markets, that is another reason.”
Mild weather across the U.S. Midwest should be favourable for corn and soybean development for at least the next week, a forecaster said on Thursday.
For Friday afternoon's CBOT session earliest calls are: Corn futures are expected to open 3 to 4 lower; soybeans 6 to 8 higher; and wheat 1 to 3 lower.
