eCBOT Close/Early Call
eCBOT grains closed higher Friday supported by lower production forecasts in Brazil due to high input prices and short-covering ahead of next week's USDA report. Beans closed 10-12 cents firmer, with wheat and corn bouth up around 4-5 cents.
Lower Brazilian production forecasts for soybeans and corn from Conab helped support the market, with the soybean crop forecast at between 58.4 million and 59.3 million metric tonnes, down from between 60.1 million and 61.3 million tonnes last month.
Corn production in 2009 will fall to 54.3 million to 55.2 million tonnes, from 58.6 million tonnes, Conab said. That compares with the October estimate for a drop to 55 million to 56 million tonnes.
There is also an element of book-squaring ahead of Monday's USDA report.
Weekend weather is also supportive, with rain seen as hampering US farmers' attempts to wrap up the harvest.
Japan passed on a wheat tender yesterday after a Japanese trading company defaulted on sales of 20,000 metric tonnes to the government after the start of tougher food safety rules.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 3 to 5 higher; soybeans 10 to 12 higher; wheat 3 to 5 higher.
Lower Brazilian production forecasts for soybeans and corn from Conab helped support the market, with the soybean crop forecast at between 58.4 million and 59.3 million metric tonnes, down from between 60.1 million and 61.3 million tonnes last month.
Corn production in 2009 will fall to 54.3 million to 55.2 million tonnes, from 58.6 million tonnes, Conab said. That compares with the October estimate for a drop to 55 million to 56 million tonnes.
There is also an element of book-squaring ahead of Monday's USDA report.
Weekend weather is also supportive, with rain seen as hampering US farmers' attempts to wrap up the harvest.
Japan passed on a wheat tender yesterday after a Japanese trading company defaulted on sales of 20,000 metric tonnes to the government after the start of tougher food safety rules.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 3 to 5 higher; soybeans 10 to 12 higher; wheat 3 to 5 higher.
