eCBOT Close/Early Call
eCBOT futures closed the overnight session sharply lower on heavy potentially "drought-busting" rains forecast for much of Argentina at the end of the week.
Rain at this stage is seen mostly aiding soybeans rather than corn or sunflowers. Beans subsequently closed the overnight session with losses of around 17 cents, with corn around 3 cents lower and wheat down around 6 cents.
Crude oil remains in the doldrums at $37.20/barrel, which is also depressing the grains markets. As is the dollar hitting a two-month high against the euro.
On the wheat front Japan is tendering for 117,000mt of mostly US wheat whilst Syria is in the market for 200,000mt of milling wheat, probably Russian grain will fill that order.
Drought concerns persist in China, possibly wiping out as much as 20mmt of wheat crops in the world's largest producing nation.
Meanwhile it remains to be seen how wheat in the EU-27 and US come out of winter dormancy.
Early calls for this afternoon's CBOT session: Corn 2 to 4 lower; soybeans 17 to 20 lower; wheat 6 to 8 lower.
Rain at this stage is seen mostly aiding soybeans rather than corn or sunflowers. Beans subsequently closed the overnight session with losses of around 17 cents, with corn around 3 cents lower and wheat down around 6 cents.
Crude oil remains in the doldrums at $37.20/barrel, which is also depressing the grains markets. As is the dollar hitting a two-month high against the euro.
On the wheat front Japan is tendering for 117,000mt of mostly US wheat whilst Syria is in the market for 200,000mt of milling wheat, probably Russian grain will fill that order.
Drought concerns persist in China, possibly wiping out as much as 20mmt of wheat crops in the world's largest producing nation.
Meanwhile it remains to be seen how wheat in the EU-27 and US come out of winter dormancy.
Early calls for this afternoon's CBOT session: Corn 2 to 4 lower; soybeans 17 to 20 lower; wheat 6 to 8 lower.
