eCBOT Close, Early Call

The overnight session closed narrowly mixed for once, with beans ending a cent or so lower and corn & wheat around a cent firmer.

A weak US dollar and firmer crude were supportive. The American Petroleum Institute said yesterday that US crude oil stocks fell by 7.2 million barrels last week. That's a much bigger number than anticipated, the US Energy Dept. will release their estimate at 15.30 this afternoon, a day later than normal due to Monday's Labor Day holiday.

Also a day late will be the USDA's weekly export sales report, that will be out at 13.30 BST tomorrow.

Of more pressing attention even than that will be tomorrow's WASDE report and US production/stocks numbers.

For soybeans the average trade estimate is 3.249 billion bushels with an average yield estimate of 42.359 bu/acre. Carry out forecasts for 2008/09 average 102 million bushels and 226 million bushels for 2009/10.

Trade estimates for corn production average 12.901 billion bushels with an average yield of 161.376 bushels to the acre. The August USDA report pegged output at 12.761 billion bushels. Trade predictions for corn ending stocks for 2008/09 average 1.712 billion bushels and 1.768 billion bushels for 2009/10.

For wheat 2009/10 ending stocks are predicted to be 769 million bushels, up from 743 million last month.

Whilst there is no immediate frost threat in the forecasts for the next week, two Canadian cold fronts hitting the Corn Belt over the next few weeks that threaten this warm outcome starting next Wednesday, according to QT Weather.

Although US soybean production will be record large, and plantings in South America also will likely point to record output there too, the US will have the export arena to itself until next March/April.

Early calls for this afternoon's CBOT session: corn called steady to 2 higher; beans called 1 to 3 higher; wheat called steady to 2 higher.