Overnight Markets Latest
The overnight grains are slightly weaker on the eCBOT market, with soybeans reversing last night's gains at around 10 cents lower, corn and wheat are both down 2-3 cents.
There is very little fresh fundamental news to go on. The Argentine farmers strike remains supportive for nearby beans in particular.
The soy harvest in Brazil is around 45% complete according to Celeres, with only 40% of the crop sold compared to 60% at the same time last year. Private reports continue to suggest that current official production estimates are too high, and that early season drought and reduced fertiliser application has cut yields this season.
Early season drought and generally hot & dry conditions this past few weeks may also knock a few bushels off soybean yields in Argentina too.
US winter wheat remains stressed from warm temperatures and lack of rainfall in the south and Plains. On the bearish side however US exports continue to lag with Russia picking up the lions share, including another 100,000mt to Syria earlier this week.
Everybody is looking to next week's USDA planting intentions report for some much-needed guidance & direction. Will we get it? Chances are it will be consigned to the history folder within 24 hours if recent reports have been anything to go by.
There is very little fresh fundamental news to go on. The Argentine farmers strike remains supportive for nearby beans in particular.
The soy harvest in Brazil is around 45% complete according to Celeres, with only 40% of the crop sold compared to 60% at the same time last year. Private reports continue to suggest that current official production estimates are too high, and that early season drought and reduced fertiliser application has cut yields this season.
Early season drought and generally hot & dry conditions this past few weeks may also knock a few bushels off soybean yields in Argentina too.
US winter wheat remains stressed from warm temperatures and lack of rainfall in the south and Plains. On the bearish side however US exports continue to lag with Russia picking up the lions share, including another 100,000mt to Syria earlier this week.
Everybody is looking to next week's USDA planting intentions report for some much-needed guidance & direction. Will we get it? Chances are it will be consigned to the history folder within 24 hours if recent reports have been anything to go by.
