eCBOT Close, Early Call
The overnights closed higher with beans up around 7-8 cents, corn 3-4 cents higher and wheat around 6 cents firmer.
It's "turnaround Tuesday" with grains set to reverse some of last night's losses aided by a weaker dollar.
Last night's crop progress report didn't throw up too many surprises. The USDA crop progress report said that corn is rated 21% mature, compared to 55% on average. Good/excellent fell one point to 68% - still a very decent percentage for this time of year.
Beans good/excellent also fell one point. Nationally 48% of the crop is dropping leaves compared to 58% normally. Illinois & Indiana are well behind maturity at 20% and 40% dropping leaves versus 56% and 66% normally.
Spring wheat is 85% harvested, against 96% normally, with top-producer ND struggling to make up for late planting at 77% done versus 95% on average.
Winter wheat is 24% planted, in line with the average of 25% at this time in the season.
As long as frost stays out of the forecasts, it is difficult to see too much upside, particularly for corn or beans.
In wheat non-commercial spec funds are heavily short, leaving the market vulnerable to a corrective bounce without much in the way of notice.
China only sold 744,400 MT of corn at it's weekly auction, that's a fair bit less than they have been shifting the past few weeks.
Early calls for this afternoon's CBOT session: corn called 2 to 5 higher; soybeans called 7 to 10 higher; wheat called 5 to 7 higher.
It's "turnaround Tuesday" with grains set to reverse some of last night's losses aided by a weaker dollar.
Last night's crop progress report didn't throw up too many surprises. The USDA crop progress report said that corn is rated 21% mature, compared to 55% on average. Good/excellent fell one point to 68% - still a very decent percentage for this time of year.
Beans good/excellent also fell one point. Nationally 48% of the crop is dropping leaves compared to 58% normally. Illinois & Indiana are well behind maturity at 20% and 40% dropping leaves versus 56% and 66% normally.
Spring wheat is 85% harvested, against 96% normally, with top-producer ND struggling to make up for late planting at 77% done versus 95% on average.
Winter wheat is 24% planted, in line with the average of 25% at this time in the season.
As long as frost stays out of the forecasts, it is difficult to see too much upside, particularly for corn or beans.
In wheat non-commercial spec funds are heavily short, leaving the market vulnerable to a corrective bounce without much in the way of notice.
China only sold 744,400 MT of corn at it's weekly auction, that's a fair bit less than they have been shifting the past few weeks.
Early calls for this afternoon's CBOT session: corn called 2 to 5 higher; soybeans called 7 to 10 higher; wheat called 5 to 7 higher.
