eCBOT Close/Early Call - There's 10 Million Unused Umbrellas In Beijing
eCBOT closed firmer with March corn up 3/4 cents, March soybeans up 9 1/4 cents and March wheat up 3 3/4 cents.
A weaker dollar, firmer crude oil and a feeling that yesterdays losses were overdone helped grains end in positive territory.
Heavy rain in Argentina has abated, but the general feeling still seems to be that some irreversible damage has been done by the most severe drought conditions in fifty years.
Crude oil is a little higher for now, but everything could change when the Department of Energy’s Energy Information Administration release their weekly energy stocks report later today.
Crude oil stocks are expected 2.8 million barrels higher, distillate stocks 1.3 million barrels lower, and a 600,000 barrel increase in gasoline stocks.
Pakistan bought over 400,000mt optional origin wheat in various tenders. South Korea bought 165,000mt each of wheat and corn.
Reports are coming in of a serious threat to winter wheat in China. As of February 2, 9.3 million hectares of wheat in six major grain production provinces were hit by drought, Agriculture Minister Sun Zhengcai said.
Sun said little rainfall since last October was the main reason for the prolonged drought in most parts of the northern areas, and frequent cold snaps this winter made the situation worse.
According to today's weather reports the drought in north China is expected to continue with no rain in the forecast for the next ten days. It has not rained in Beijing since October 26, a period of 100 days, making this the longest drought on record since 1971.
Early calls for this afternoon's CBOT session: corn 1-2c higher, wheat up 3-4c and soybeans up 8-10c.
A weaker dollar, firmer crude oil and a feeling that yesterdays losses were overdone helped grains end in positive territory.
Heavy rain in Argentina has abated, but the general feeling still seems to be that some irreversible damage has been done by the most severe drought conditions in fifty years.
Crude oil is a little higher for now, but everything could change when the Department of Energy’s Energy Information Administration release their weekly energy stocks report later today.
Crude oil stocks are expected 2.8 million barrels higher, distillate stocks 1.3 million barrels lower, and a 600,000 barrel increase in gasoline stocks.
Pakistan bought over 400,000mt optional origin wheat in various tenders. South Korea bought 165,000mt each of wheat and corn.
Reports are coming in of a serious threat to winter wheat in China. As of February 2, 9.3 million hectares of wheat in six major grain production provinces were hit by drought, Agriculture Minister Sun Zhengcai said.
Sun said little rainfall since last October was the main reason for the prolonged drought in most parts of the northern areas, and frequent cold snaps this winter made the situation worse.
According to today's weather reports the drought in north China is expected to continue with no rain in the forecast for the next ten days. It has not rained in Beijing since October 26, a period of 100 days, making this the longest drought on record since 1971.
Early calls for this afternoon's CBOT session: corn 1-2c higher, wheat up 3-4c and soybeans up 8-10c.
