eCBOT Close/Early Call
eCBOT closed with corn 1-3 cents easier, beans mostly down 10-12 cents and wheat up 3 1/2 cents.
It's all about Midwest weather and Meterlogix are forecasting Midwestern states may get as much as 1 inch (25 millimeters) of rain next week.
"There just isn't any bullish news from the supply side, the prospect of a bigger-than-expected soybean crop is gaining," said one trader.
There are also signs that China will step away from the import market as the Olympics approach.
China may ask edible oil refiners including Wilmar International Ltd. to process and package 100,000 tons to 200,000 tons of reserve soybean oil for sales during the Beijing Olympic Games this month, said Tommy Xiao, analyst at Shanghai JC Intelligence Co.
"Domestic vegetable oil supply is very sufficient, and demand stays depressed," the China National Grain and Oils Information Center said in a daily report. Weak demand and the expected arrival of previously ordered soybeans have prompted traders to limit purchases of the commodity to only one or two cargoes this week, Shanghai JC said in a separate report.
Earliest calls are for corn futures to open 1 to 2 lower; soybeans 7 to 9 lower; wheat 1 to 3 higher.
It's all about Midwest weather and Meterlogix are forecasting Midwestern states may get as much as 1 inch (25 millimeters) of rain next week.
"There just isn't any bullish news from the supply side, the prospect of a bigger-than-expected soybean crop is gaining," said one trader.
There are also signs that China will step away from the import market as the Olympics approach.
China may ask edible oil refiners including Wilmar International Ltd. to process and package 100,000 tons to 200,000 tons of reserve soybean oil for sales during the Beijing Olympic Games this month, said Tommy Xiao, analyst at Shanghai JC Intelligence Co.
"Domestic vegetable oil supply is very sufficient, and demand stays depressed," the China National Grain and Oils Information Center said in a daily report. Weak demand and the expected arrival of previously ordered soybeans have prompted traders to limit purchases of the commodity to only one or two cargoes this week, Shanghai JC said in a separate report.
Earliest calls are for corn futures to open 1 to 2 lower; soybeans 7 to 9 lower; wheat 1 to 3 higher.
