eCBOT Close, Early Call

The overnight grains closed steadier, with beans around 15-17 cents firmer, corn up 6-7 cents and wheat around 5 cents firmer.

Beans benefited from the bullish aftermath to yesterday's USDA report, dragging corn and wheat with it, even though a bullish leaning for beans is exactly what the trade had been expecting.

Despite talk that China's soybean imports will start to drop off, they keep coming back for more, and the government's weekly auction at levels equivalent to almost $15/bu continue to find few takers.

Although the USDA report was bearish for corn, they didn't cut the acreage contrary to what had been expected AND increased yields towards the upper end of guesstimates, corn moved higher overnight.

South Korea bought 110,000 MT of US corn overnight.

Yesterday's wheat numbers were in line with expectations, and Strategie Grains have increased their EU production estimate by 3.5 MMT from last month citing better than expected yields out of France and Germany in particular. The EU-27 crop is around 70% cut they estimate.

Weather forecasts calling for frost potential in the Canadian Prairies as early as Aug. 20 is seen as the main threat on the horizon for all sectors of the complex.

Weekly export sales were towards the upper end of estimations for beans, corn and wheat.

Crude oil is more than $1/barrel firmer, the dollar is weak and stocks expected to follow Europe and Asia higher.

Early calls for this afternoon's CBOT session: called 5 to 10 higher; soybeans called 15 to 20 higher; wheat called 1 to 3 higher.