eCBOT Close, Early Call
The overnight session closed lower with beans around 7 cents easier, corn down 4-5 cents and wheat off a cent or so.
This afternoon's revised weather forecasts will be scrutinised for evidence of any frost potential next week. If anything they were just turning slightly towards a bit more of a chance of a freeze in northern states yesterday.
Without that it is difficult to see anything other than harvest pressure from bumper corn and soybean crops.
The weather in Brazil seems highly conducive to a potential record soybean crop there too, with plantings now underway. Record production is also on the cards from Argentina, and even little Paraguay is keen to cash in and might manage record output in 2010.
Export sales were strong, particularly for beans, and may provide some support however. Wheat shipments were a marketing year high, which may also help.
Reports of some reduction in wheat output from NSW, possibly by up to 2 MMT, is a bit supportive.
Yesterday's crude stocks data was not what the market had been expecting, a 2.8 million barrel increase rather than a 2.3 million barrel decrease sent futures almost $3/barrel lower.
Early calls for this afternoon's CBOT session: corn called 4 to 5 lower; soybeans called 5 to 7 lower; wheat called steady to 2 lower.
This afternoon's revised weather forecasts will be scrutinised for evidence of any frost potential next week. If anything they were just turning slightly towards a bit more of a chance of a freeze in northern states yesterday.
Without that it is difficult to see anything other than harvest pressure from bumper corn and soybean crops.
The weather in Brazil seems highly conducive to a potential record soybean crop there too, with plantings now underway. Record production is also on the cards from Argentina, and even little Paraguay is keen to cash in and might manage record output in 2010.
Export sales were strong, particularly for beans, and may provide some support however. Wheat shipments were a marketing year high, which may also help.
Reports of some reduction in wheat output from NSW, possibly by up to 2 MMT, is a bit supportive.
Yesterday's crude stocks data was not what the market had been expecting, a 2.8 million barrel increase rather than a 2.3 million barrel decrease sent futures almost $3/barrel lower.
Early calls for this afternoon's CBOT session: corn called 4 to 5 lower; soybeans called 5 to 7 lower; wheat called steady to 2 lower.
