eCBOT Close, Early Call
The overnight eCBOT trading session is now extended to trade until 13.15 BST, not a 12 noon close.
Beans closed sharply higher, around 20 cents up, with wheat around 8 cents higher and even corn manging to post modest 4 cent gains.
Late strength in beans from last night's main CBOT session spilled over into the overnights with traders seeming to view yesterday's early wobble as a buying opportunity.
Soybeans were the only thing that didn't throw up a bearish surprise as far as plantings were concerned, rising around half a million less than analyst's estimations. Still, quarterly ending stocks were a little higher than trade ideas.
Even so, if we can piece together a bullish argument for beans it has to be based around old-crop tightness, maybe spilling over into the early new-crop months on the probability of a late harvest.
The large increase in corn acres was a shocker and futures closed at or around limit down last night. Crop reports generally seem to indicate that US corn is looking in great shape. It's hard to whip up too much enthusiasm for going long right now.
Wheat is a more interesting proposition, despite surprisingly raising the acres the USDA also said that only 80% of the winter wheat crop planted would actually get harvested.
Sharply lower production from Argentina may not yet be fully factored into this market. The USDA still have a figure of 11 MMT for 2009/10 and 4 MMT being exported. Both those numbers look massively overestimated.
Harvest pressure from the US, and shortly from Europe isn't going to see wheat stage some sudden huge bull anytime soon run mind you.
Crude oil is higher after the API dropped it's stocks estimate by a large 6.8 million barrels last night. The US Energy Dept are out with their estimate at 15.30 BST, that is expected to show a more modest fall of around 1.5 million barrels.
The dollar is a bit weaker, and equities a little firmer.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher; soybeans called 15 to 20 higher; wheat called 5 to 10 higher.
Beans closed sharply higher, around 20 cents up, with wheat around 8 cents higher and even corn manging to post modest 4 cent gains.
Late strength in beans from last night's main CBOT session spilled over into the overnights with traders seeming to view yesterday's early wobble as a buying opportunity.
Soybeans were the only thing that didn't throw up a bearish surprise as far as plantings were concerned, rising around half a million less than analyst's estimations. Still, quarterly ending stocks were a little higher than trade ideas.
Even so, if we can piece together a bullish argument for beans it has to be based around old-crop tightness, maybe spilling over into the early new-crop months on the probability of a late harvest.
The large increase in corn acres was a shocker and futures closed at or around limit down last night. Crop reports generally seem to indicate that US corn is looking in great shape. It's hard to whip up too much enthusiasm for going long right now.
Wheat is a more interesting proposition, despite surprisingly raising the acres the USDA also said that only 80% of the winter wheat crop planted would actually get harvested.
Sharply lower production from Argentina may not yet be fully factored into this market. The USDA still have a figure of 11 MMT for 2009/10 and 4 MMT being exported. Both those numbers look massively overestimated.
Harvest pressure from the US, and shortly from Europe isn't going to see wheat stage some sudden huge bull anytime soon run mind you.
Crude oil is higher after the API dropped it's stocks estimate by a large 6.8 million barrels last night. The US Energy Dept are out with their estimate at 15.30 BST, that is expected to show a more modest fall of around 1.5 million barrels.
The dollar is a bit weaker, and equities a little firmer.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher; soybeans called 15 to 20 higher; wheat called 5 to 10 higher.
