eCBOT Close/Early Call
eCBOT futures closed sharply lower across the board Tuesday weighed down by forecasts for much-needed rains in the U.S. Midwest and a broad-based decline in commodity markets linked to a strengthening dollar.
Corn closed 10-12c easier, wheat down 25-30c and soybeans 35-37c lower.
The Global Forecast System (GFS) computer model on Monday turned wetter for late next week, projecting heavy rains of one to three inches for parts of the Midwest.
August is critical to the development of the U.S. soybean crop, while July weather influences the corn yield.
Topsoil moisture has evaporated due to limited rains since late July, especially east of the Mississippi River.
The U.S. dollar surged on Tuesday hitting a six-month high against the euro, meanwhile crude oil prices fell sharply.
Early call for this afternoon's CBOT session: Corn futures are expected to open 10 to 12 lower; soybeans 35 to 38 lower; wheat 25 to 30 lower.
Corn closed 10-12c easier, wheat down 25-30c and soybeans 35-37c lower.
The Global Forecast System (GFS) computer model on Monday turned wetter for late next week, projecting heavy rains of one to three inches for parts of the Midwest.
August is critical to the development of the U.S. soybean crop, while July weather influences the corn yield.
Topsoil moisture has evaporated due to limited rains since late July, especially east of the Mississippi River.
The U.S. dollar surged on Tuesday hitting a six-month high against the euro, meanwhile crude oil prices fell sharply.
Early call for this afternoon's CBOT session: Corn futures are expected to open 10 to 12 lower; soybeans 35 to 38 lower; wheat 25 to 30 lower.
