eCBOT Close, Early Call
The overnight session closed mixed with beans around 3 cents higher, wheat a cent or so firmer and corn around 3 cents lower.
The eagerly awaited USDA numbers didn't throw up too many surprises. The soybean stocks were higher than expected at 138 million bushels, wheat stocks and production were also a little higher than trade ideas whilst corn stocks were a bit lower than anticipated.
Temperatures overnight dipped to freezing or just below in central and northern Wisconsin and northeast Minnesota. Rain seems more of a problem than frost for the next few days, although another cold snap is expected Sunday night.
China only sold a very poor 2,000 MT of soybeans (and a somewhat more respectable 387,300 MT of corn) at it's weekly auctions this week.
They begin an eight day national holiday tomorrow, which should keep the markets subdued next week.
The Russian grain harvest has already beaten the Ag Ministry's official forecast with 20% of the planted area still untouched.
Crude oil is up on ideas that Far Eastern growth will fuel demand, and the dollar is a bit easier. Both of those factors might add a bit of support this afternoon.
Month-end book squaring might also be a feature, with large specs heavily short on wheat that might flush a few buyers out on short-covering and profit-taking later in the day.
Early calls for this afternoon's CBOT session: corn called flat to 2 lower; beans called 5 to 7 lower; wheat called 3 to 5 lower.
The eagerly awaited USDA numbers didn't throw up too many surprises. The soybean stocks were higher than expected at 138 million bushels, wheat stocks and production were also a little higher than trade ideas whilst corn stocks were a bit lower than anticipated.
Temperatures overnight dipped to freezing or just below in central and northern Wisconsin and northeast Minnesota. Rain seems more of a problem than frost for the next few days, although another cold snap is expected Sunday night.
China only sold a very poor 2,000 MT of soybeans (and a somewhat more respectable 387,300 MT of corn) at it's weekly auctions this week.
They begin an eight day national holiday tomorrow, which should keep the markets subdued next week.
The Russian grain harvest has already beaten the Ag Ministry's official forecast with 20% of the planted area still untouched.
Crude oil is up on ideas that Far Eastern growth will fuel demand, and the dollar is a bit easier. Both of those factors might add a bit of support this afternoon.
Month-end book squaring might also be a feature, with large specs heavily short on wheat that might flush a few buyers out on short-covering and profit-taking later in the day.
Early calls for this afternoon's CBOT session: corn called flat to 2 lower; beans called 5 to 7 lower; wheat called 3 to 5 lower.
