eCBOT Close/Early Call
eCBOT grains closed mixed, with beans rallying late in the session to post 4-8c gains, having been behind for most of the morning. Corn and wheat closed in negative territory, with corn down 1-2c and wheat off 3-4c.
It's pretty much a case of same old, same old really. We've had weather scares in South America before many times, but the hottest summer since 1955 and reports of 300,000 head of cattle being on deaths door due to drought are something different.
China is not so much lurking in the wings as rampaging around the stage at the moment, booking nearly half a million tonnes of US soybeans already this week. That seems to be keeping spot prices particularly buoyant.
Japan has bought wheat in a tender, 90,000mt of it US origin, and Pakistan is inviting tenders for 150,000mt optional origin wheat, whilst Syria is in the market for 200,000mt also optional origin wheat.
Strategie Grains have revised their estimate of EU-27 wheat production for 2009/10 down half a million tonnes to 132.3mmt. That is 8mmt lower than the 2008/09 crop.
The Philippines government have rejected local fed millers proposals to allow them to import corn tariff-free, instead the government themselves say they will import 200,000mt corn for sale it to millers & producers there.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 3 lower; soybeans 3 to 6 higher; wheat 2 to 4 lower.
It's pretty much a case of same old, same old really. We've had weather scares in South America before many times, but the hottest summer since 1955 and reports of 300,000 head of cattle being on deaths door due to drought are something different.
China is not so much lurking in the wings as rampaging around the stage at the moment, booking nearly half a million tonnes of US soybeans already this week. That seems to be keeping spot prices particularly buoyant.
Japan has bought wheat in a tender, 90,000mt of it US origin, and Pakistan is inviting tenders for 150,000mt optional origin wheat, whilst Syria is in the market for 200,000mt also optional origin wheat.
Strategie Grains have revised their estimate of EU-27 wheat production for 2009/10 down half a million tonnes to 132.3mmt. That is 8mmt lower than the 2008/09 crop.
The Philippines government have rejected local fed millers proposals to allow them to import corn tariff-free, instead the government themselves say they will import 200,000mt corn for sale it to millers & producers there.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 3 lower; soybeans 3 to 6 higher; wheat 2 to 4 lower.
