eCBOT Close/Early Call
For once the overnight eCBOT had a quiet session, closing with little significant movement. Soybeans finished around 3c lower, with corn down a half or so and wheat mixed 1c higher to 2c lower.
For once, outside markets didn't show a lot of change either, with crude oil 37c higher and the FTSE, CAC and DAX all down less than 1%.
Some optimism remains that the grain sector will continue to divorce itself from these outside markets as they are less dependent on interest rates and business, said one trader.
Egypt bought 240,000mt wheat yesterday from Russia and France. Whist it was disappointing for US wheat that none of this went their way, it was encouraging to see Egypt buy substantially more than they originally tendered for, traders said.
Iraq was also said to have bought wheat in a tender, some of it from Canada, but also none from the US.
Australia's wheat crop keeps getting downsized and downgraded, which may help support prices a little, along with freight rates. The Baltic Dry Index yesterday posted it's 10th straight daily decline, close to it's 1986 low, and may yet set an all-time low this week, analysts said.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 3 lower, soybeans 3 to 5 lower, and wheat 2 to 4 lower.
For once, outside markets didn't show a lot of change either, with crude oil 37c higher and the FTSE, CAC and DAX all down less than 1%.
Some optimism remains that the grain sector will continue to divorce itself from these outside markets as they are less dependent on interest rates and business, said one trader.
Egypt bought 240,000mt wheat yesterday from Russia and France. Whist it was disappointing for US wheat that none of this went their way, it was encouraging to see Egypt buy substantially more than they originally tendered for, traders said.
Iraq was also said to have bought wheat in a tender, some of it from Canada, but also none from the US.
Australia's wheat crop keeps getting downsized and downgraded, which may help support prices a little, along with freight rates. The Baltic Dry Index yesterday posted it's 10th straight daily decline, close to it's 1986 low, and may yet set an all-time low this week, analysts said.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 3 lower, soybeans 3 to 5 lower, and wheat 2 to 4 lower.
