eCBOT Close, Early Call
The overnights closed firmer, helped by a weak dollar and steady crude oil. Beans closed around 10 cents higher, with wheat up 7-8 cents and corn 3-4 higher.
Crude oil is close to the highs of 2009, and looks like it is gearing up to attempt to push above $80/barrel.
The USDA will report tonight on harvest progress, but not until after the close.
A decent couple of days over the weekend should have helped, but progress could still be the lowest in 30 years.
For beans 34 percent on October 18, 1985 is the current 30-year worst harvest progress to date, and for corn it's 22 percent on October 18, 1992.
Last week beans were just 23% harvested compared to 49% last year and 57% for the five year average. For corn it was 13% harvested compared to 20% last year, and 35% for the five year average.
Rain is back in the forecast for the second half of the week, starting in the west tomorrow pushing eastwards renewing showers and also dropping temperatures back below normal.
Meanwhile Hurricane Rick out in the Pacific is expected to bring more rain to the south and Delta starting Wednesday.
Early CBOT calls are: corn called 2 to 4 higher; soybeans called 10 to 12 higher; wheat called 6 to 8 higher.
Crude oil is close to the highs of 2009, and looks like it is gearing up to attempt to push above $80/barrel.
The USDA will report tonight on harvest progress, but not until after the close.
A decent couple of days over the weekend should have helped, but progress could still be the lowest in 30 years.
For beans 34 percent on October 18, 1985 is the current 30-year worst harvest progress to date, and for corn it's 22 percent on October 18, 1992.
Last week beans were just 23% harvested compared to 49% last year and 57% for the five year average. For corn it was 13% harvested compared to 20% last year, and 35% for the five year average.
Rain is back in the forecast for the second half of the week, starting in the west tomorrow pushing eastwards renewing showers and also dropping temperatures back below normal.
Meanwhile Hurricane Rick out in the Pacific is expected to bring more rain to the south and Delta starting Wednesday.
Early CBOT calls are: corn called 2 to 4 higher; soybeans called 10 to 12 higher; wheat called 6 to 8 higher.
