eCBOT Close, Early Call
The overnight markets closed with beans, corn and wheat all around 3-4 cents higher, aided by a weak dollar and firmer crude oil.
Crude hit it's highest levels of the year earlier today ($75.17/barrel), currently standing just below that at $74.94/barrel, helped by firmer equities and a weak dollar.
Last night's crop progress report said that soybeans were just 23% harvested compared to 49% last year and 57% for the five year average. Also behind is corn at 13% harvested compared to 20% last year and 35% for the five year average.
The NOPA crush for soybeans for September was 107.4 million bushels, below expectations of 113 million.
China's soybean imports in September came in at 2.75 MMT, down from levels around 4 MMT in the summer, but in line with expectations. Ideas are that imports will start to pick up again November onwards back up to around the 4 MMT/month mark.
China only sold 119,000 MT of corn at it's regular weekly auction.
There's plenty of rain in the US forecast for the next ten days, although temperatures are seen warming up somewhat. Quality might be becoming an issue, once the crops are finally harvested.
The lateness of the bean and corn harvest is also seen as bullish for wheat, as planting oportunities may be restricted for winter wheat.
Early calls for this afternoon's CBOT session: December corn called 2 to 3 higher; beans called 3 to 5 higher; wheat called 2 to 4 higher.
Crude hit it's highest levels of the year earlier today ($75.17/barrel), currently standing just below that at $74.94/barrel, helped by firmer equities and a weak dollar.
Last night's crop progress report said that soybeans were just 23% harvested compared to 49% last year and 57% for the five year average. Also behind is corn at 13% harvested compared to 20% last year and 35% for the five year average.
The NOPA crush for soybeans for September was 107.4 million bushels, below expectations of 113 million.
China's soybean imports in September came in at 2.75 MMT, down from levels around 4 MMT in the summer, but in line with expectations. Ideas are that imports will start to pick up again November onwards back up to around the 4 MMT/month mark.
China only sold 119,000 MT of corn at it's regular weekly auction.
There's plenty of rain in the US forecast for the next ten days, although temperatures are seen warming up somewhat. Quality might be becoming an issue, once the crops are finally harvested.
The lateness of the bean and corn harvest is also seen as bullish for wheat, as planting oportunities may be restricted for winter wheat.
Early calls for this afternoon's CBOT session: December corn called 2 to 3 higher; beans called 3 to 5 higher; wheat called 2 to 4 higher.
