eCBOT Close, Early Call
The overnights closed mostly firmer with the exception of front month July soybeans which were down 2 1/4 cents. For beans new crop was in the main around 10-13 cents higher, with corn mostly 3-5 cents firmer and wheat up 5-6 cents.
Oil was a bit firmer and the dollar weaker, which is usually a good start for the grains.
The large inverse between old and new crop beans continues to unwind.
Egypt bought some US wheat yesterday, which is also a positive, plus weekly export sales came in well above expectations.
Weekly sales for corn and beans were also highly respectable, both coming in at over 1 MMT each. China took another huge chunk of soybeans, including old crop.
Weather conditions are certainly favourable for crop development, which will suit corn and beans, although widespread rains won't help the winter wheat harvest.
Serious concerns remain too for wheat crops in Canada, particularly Alberta, where crop development is lagging due to drought and late plantings.
Estimates for the Russian grain crop are shrinking as the harvest progresses, and early yield reports out of Ukraine are showing up significantly lower than last year.
Book squaring may be a feature ahead of tomorrows USDA S&D report.
Early calls for this afternoon's CBOT session: corn called 2 to 5 higher; new crop soybeans called 10 to 15 higher; wheat called 4 to 6 higher.
Oil was a bit firmer and the dollar weaker, which is usually a good start for the grains.
The large inverse between old and new crop beans continues to unwind.
Egypt bought some US wheat yesterday, which is also a positive, plus weekly export sales came in well above expectations.
Weekly sales for corn and beans were also highly respectable, both coming in at over 1 MMT each. China took another huge chunk of soybeans, including old crop.
Weather conditions are certainly favourable for crop development, which will suit corn and beans, although widespread rains won't help the winter wheat harvest.
Serious concerns remain too for wheat crops in Canada, particularly Alberta, where crop development is lagging due to drought and late plantings.
Estimates for the Russian grain crop are shrinking as the harvest progresses, and early yield reports out of Ukraine are showing up significantly lower than last year.
Book squaring may be a feature ahead of tomorrows USDA S&D report.
Early calls for this afternoon's CBOT session: corn called 2 to 5 higher; new crop soybeans called 10 to 15 higher; wheat called 4 to 6 higher.
