eCBOT Close, Early Call
The overnight grains closed sharply lower with beans down around 45 cents, and corn & wheat around 14-15 cents easier on concerns over swine flu.
Worries that the outbreak of swine flu in Mexico will impact on demand for feed sent futures tumbling overnight.
Soybean futures were close to six-month highs so I guess that some profit-taking was overdue, weakness in beans spilled over into corn & wheat.
A wet outlook for much of the US Midwest this week may further delay corn plantings. The USDA will report on planting progress after the close tonight with corn expected at 15-20% done, whilst soybeans have only just started, with an anticipated 3% in the ground as of Sunday. Spring wheat may be around 20% planted, analysts say, that would be well behind normal for the end of April.
The week ahead will see rain in all Corn Belt States, says Allen Motew of QT Weather. By the end of the week, the heaviest will have fallen in the West from Minnesota to Kansas. The East will see lighter amounts with the heaviest in Illinois and along the Ohio River Valley. Temperatures will average above normal in the East while remaining cold in the northern Plains of the West, he says.
With traders already saying that corn planted beyond 15th May being at risk from yield losses, US farmers have a lot to do during this next crucial couple of weeks, with plenty of rain in the five day forecast:
Beyond that, the 6-10 day forecast calls for below normal temperatures across much of the corn belt:
With traders saying that corn yields can drop by 1 1/2 bu/acre for every day past the May 15th deadline, it looks like some of the USDA's projected corn acres might end up getting switched to soybeans.
In outside markets crude oil is around $2 1/2 lower at $49/barrel, and Wall Street is expected to open down as swine flu hits international travel, with airline shares down across the globe.
Early calls for this afternoon's CBOT: Corn and wheat 12 to 15 lower, Soybeans 45 to 50 lower.
Worries that the outbreak of swine flu in Mexico will impact on demand for feed sent futures tumbling overnight.
Soybean futures were close to six-month highs so I guess that some profit-taking was overdue, weakness in beans spilled over into corn & wheat.
A wet outlook for much of the US Midwest this week may further delay corn plantings. The USDA will report on planting progress after the close tonight with corn expected at 15-20% done, whilst soybeans have only just started, with an anticipated 3% in the ground as of Sunday. Spring wheat may be around 20% planted, analysts say, that would be well behind normal for the end of April.
The week ahead will see rain in all Corn Belt States, says Allen Motew of QT Weather. By the end of the week, the heaviest will have fallen in the West from Minnesota to Kansas. The East will see lighter amounts with the heaviest in Illinois and along the Ohio River Valley. Temperatures will average above normal in the East while remaining cold in the northern Plains of the West, he says.
With traders already saying that corn planted beyond 15th May being at risk from yield losses, US farmers have a lot to do during this next crucial couple of weeks, with plenty of rain in the five day forecast:
Beyond that, the 6-10 day forecast calls for below normal temperatures across much of the corn belt:
With traders saying that corn yields can drop by 1 1/2 bu/acre for every day past the May 15th deadline, it looks like some of the USDA's projected corn acres might end up getting switched to soybeans.
In outside markets crude oil is around $2 1/2 lower at $49/barrel, and Wall Street is expected to open down as swine flu hits international travel, with airline shares down across the globe.
Early calls for this afternoon's CBOT: Corn and wheat 12 to 15 lower, Soybeans 45 to 50 lower.
