eCBOT Close, Early Call
The overnight market closed mixed with beans around 4 cents lower, corn a cent or two easier and wheat around a cent higher.
A weak dollar is supportive to grains, but record soybean and corn production is imminent. I think that prices may work lower throughout the session, as traders start to think about the USDA report on Friday at least partially concurring with Informa and FCStone from last week.
Brazil will produce a record 63.4 MMT of soybeans in 2009/10, according to Abiove. That's 1.4 MMT more than the USDA's September estimate and an 11% increase on last season.
And Lord knows how many beans Argentine farmers will plant, suffice to say acreage there will comfortably exceed anything that they have seeded before.
Iraq, Morocco, Jordan and Bangladesh are all tendering for wheat.
Spec funds and non-commercial traders are still heavily short in CBOT wheat but have reduced the size of their liabilities this last week.
Crude oil is lower at around $68.50/barrel.
Early calls for this afternoon's CBOT session: corn called steady to 2 lower; beans called 2 to 4 lower; wheat called flat to 2 higher.
A weak dollar is supportive to grains, but record soybean and corn production is imminent. I think that prices may work lower throughout the session, as traders start to think about the USDA report on Friday at least partially concurring with Informa and FCStone from last week.
Brazil will produce a record 63.4 MMT of soybeans in 2009/10, according to Abiove. That's 1.4 MMT more than the USDA's September estimate and an 11% increase on last season.
And Lord knows how many beans Argentine farmers will plant, suffice to say acreage there will comfortably exceed anything that they have seeded before.
Iraq, Morocco, Jordan and Bangladesh are all tendering for wheat.
Spec funds and non-commercial traders are still heavily short in CBOT wheat but have reduced the size of their liabilities this last week.
Crude oil is lower at around $68.50/barrel.
Early calls for this afternoon's CBOT session: corn called steady to 2 lower; beans called 2 to 4 lower; wheat called flat to 2 higher.
