eCBOT Close, Early Call
The overnights closed higher, reversing some of Monday night's steep declines. Beans closed around 16-18 cents higher, with corn up around 3-4 cents and wheat 5-6 cents higher.
Crude oil is up the best part of $2/barrel to $72.34. Weekly stocks data from the API is due later today, with traders expecting a decline in inventories of 1.8-2.0 million barrels.
The dollar is weaker after Russian President Medvedev made comments suggesting that Russia and China invest some of their reserves in each other's debt instead of buying US Treasuries. It's taken him a while to come up with that one, but he's got there in the end, bless.
That's also a slight switch away from yesterday's comments that the dollar’s status as the main reserve currency was unlikely to change for some time yet.
There seems to be an air of disappointment that US soybean plantings only managed to advance to 87% done, from 78% a week ago, as revealed by the USDA last night, although this week's forecast seems to be conducive to press ahead with seedings.
The NOPA crush figure of 142.17 million bushels was sharply higher than anticipated, and points to further erosion of the USDA's already tight ending stocks figure of 110 million bushels.
Spring wheat conditions jumped from 72% to 75% good to excellent this week, whilst winter wheat conditions deteriorated to 29% poor to very poor from 28% last week.
South Korea bought 275,000 MT of US corn yesterday, and Japan is tendering for 127,000 MT of US/Canadian wheat.
Early calls for this afternoon's CBOT session: July corn called 3 to 5 higher; July soybeans called 15 to 20 higher; July CBOT wheat called 4 to 7 higher.
Crude oil is up the best part of $2/barrel to $72.34. Weekly stocks data from the API is due later today, with traders expecting a decline in inventories of 1.8-2.0 million barrels.
The dollar is weaker after Russian President Medvedev made comments suggesting that Russia and China invest some of their reserves in each other's debt instead of buying US Treasuries. It's taken him a while to come up with that one, but he's got there in the end, bless.
That's also a slight switch away from yesterday's comments that the dollar’s status as the main reserve currency was unlikely to change for some time yet.
There seems to be an air of disappointment that US soybean plantings only managed to advance to 87% done, from 78% a week ago, as revealed by the USDA last night, although this week's forecast seems to be conducive to press ahead with seedings.
The NOPA crush figure of 142.17 million bushels was sharply higher than anticipated, and points to further erosion of the USDA's already tight ending stocks figure of 110 million bushels.
Spring wheat conditions jumped from 72% to 75% good to excellent this week, whilst winter wheat conditions deteriorated to 29% poor to very poor from 28% last week.
South Korea bought 275,000 MT of US corn yesterday, and Japan is tendering for 127,000 MT of US/Canadian wheat.
Early calls for this afternoon's CBOT session: July corn called 3 to 5 higher; July soybeans called 15 to 20 higher; July CBOT wheat called 4 to 7 higher.
