eCBOT Close, Early Call
The overnight grains closed mixed with beans around a cent higher, corn a cent lower and wheat down five.
Wheat was under pressure from ideas that the CFTC will limit speculative index activity in the wheat pit.
In addition Egypt's purchase of Russian wheat last night seems to indicate that their on-off love affair is back on, at least for the time being. Russian wheat, as usual, was the cheapest offer in town. We'll see what happens when the boat arrives!
US weather remains favourable, certainly non-threatening is the way the market is viewing it. July temperatures continue to average -4 to -9 degrees F below normal across all Corn Belt states, according to Allen Motew of QT Weather.
Various private analysts are forecasting US yields significantly higher than the current USDA estimates for both corn and beans.
For corn Allendale have yields at 157.2 bu/acre compared to 153.4 from the USDA. University of Illinois' Darrel Good estimates the soybean yield at 44.7 bushels an acre, compared to 42.6 bu/acre from the USDA.
Crude oil is weaker ahead of this afternoon's stocks data from the US Dept of Energy.
Early calls for this afternoon's CBOT session: corn called steady to 2 lower; beans called steady to 2 higher; wheat called 4 to 6 lower.
Wheat was under pressure from ideas that the CFTC will limit speculative index activity in the wheat pit.
In addition Egypt's purchase of Russian wheat last night seems to indicate that their on-off love affair is back on, at least for the time being. Russian wheat, as usual, was the cheapest offer in town. We'll see what happens when the boat arrives!
US weather remains favourable, certainly non-threatening is the way the market is viewing it. July temperatures continue to average -4 to -9 degrees F below normal across all Corn Belt states, according to Allen Motew of QT Weather.
Various private analysts are forecasting US yields significantly higher than the current USDA estimates for both corn and beans.
For corn Allendale have yields at 157.2 bu/acre compared to 153.4 from the USDA. University of Illinois' Darrel Good estimates the soybean yield at 44.7 bushels an acre, compared to 42.6 bu/acre from the USDA.
Crude oil is weaker ahead of this afternoon's stocks data from the US Dept of Energy.
Early calls for this afternoon's CBOT session: corn called steady to 2 lower; beans called steady to 2 higher; wheat called 4 to 6 lower.
