eCBOT Close, Early Call
The overnight grains closed higher, with beans and corn around 6c firmer and wheat up 2-3 cents.
Brazil will produce 14% less corn this season, according to CONAB, with the harvest coming in at 50.3mmt they say. The soybean crop will come in 4% or 2.3mmt lower than last season at 57.6mmt, they add.
In the US the cash market remains tight with farmers reluctant sellers of physical soy.
Later in the week all eyes will be on the Argy farm leaders meeting with the government tomorrow, and the USDA's latest S&D estimates on Wednesday.
Crude oil is almost $2 firmer at $47.43/barrel which may support, but the dollar is stronger which may cap gains. Crude is gaining from ideas that another sharp cut in production by OPEC is on the cards later in the week.
The US weather outlook is mixed with cold & wet pushing in later in the week.
Ag Canada cut it's Canadian wheat production estimate to 23.95mmt down 16% from 28.61mmt last year and more than a million tonnes below it's last estimate in January.
Early calls for this afternoon's CBOT session: July corn called 3 to 6 cents higher. July soybeans called 5 to 7 cents higher. July CBOT wheat called 2 to 4 cents higher.
Brazil will produce 14% less corn this season, according to CONAB, with the harvest coming in at 50.3mmt they say. The soybean crop will come in 4% or 2.3mmt lower than last season at 57.6mmt, they add.
In the US the cash market remains tight with farmers reluctant sellers of physical soy.
Later in the week all eyes will be on the Argy farm leaders meeting with the government tomorrow, and the USDA's latest S&D estimates on Wednesday.
Crude oil is almost $2 firmer at $47.43/barrel which may support, but the dollar is stronger which may cap gains. Crude is gaining from ideas that another sharp cut in production by OPEC is on the cards later in the week.
The US weather outlook is mixed with cold & wet pushing in later in the week.
Ag Canada cut it's Canadian wheat production estimate to 23.95mmt down 16% from 28.61mmt last year and more than a million tonnes below it's last estimate in January.
Early calls for this afternoon's CBOT session: July corn called 3 to 6 cents higher. July soybeans called 5 to 7 cents higher. July CBOT wheat called 2 to 4 cents higher.
