eCBOT Close, Early Call
The overnight grains closed lower, with beans around a cent or so easier, corn down 3-4 cents and wheat off 5-6 cents.
The dollar is firmer on a wave of risk aversion and profit-taking. Rumours of Ukraine debt defaults have got the market a little nervous. Crude oil is lower and the shine has disappeared from gold the past day or two after a secession of all-time highs were set earlier in the week.
There's not much change in the US weather forecast with light to moderate rains set for early next week. In South America though significant rains are in the forecast for Argentina, with even the parched south and west getting a chance of 1-2 inches Monday/Tuesday. In parts of Brazil if anything it remains too wet, with Parana in for 10+ inches in the next fortnight, according to QT Weather.
China continue to buy US soybeans at an unprecedented rate, as confirmed by yesterday's USDA export sales and shipments numbers, plus an additional sale of 116,000 MT.
The news today that the Chinese government is to cease it's weekly soybean and corn auctions from Dec 1st could also be seen as supportive. Heavy snow in northern areas is also supportive as it will hinder transport and could potentially lead to a reduction in wheat area and yields.
India says that it has planted around a third of it's intended wheat area for the 2010 crop at 9.39 million hectares.
Profarmer and the Commonwealth Bank of Australia have both cut their wheat production estimates there, coming in around 2-3 MMT lower than the USDA's current estimate.
It looks as if we could be in for a lower end to the week, with funds likely to keep their powder dry until Monday. Early calls for this afternoon's CBOT session: corn called 3 to 4 lower; soybeans called 1 to 2 lower; wheat called 5 to 7 lower.
The dollar is firmer on a wave of risk aversion and profit-taking. Rumours of Ukraine debt defaults have got the market a little nervous. Crude oil is lower and the shine has disappeared from gold the past day or two after a secession of all-time highs were set earlier in the week.
There's not much change in the US weather forecast with light to moderate rains set for early next week. In South America though significant rains are in the forecast for Argentina, with even the parched south and west getting a chance of 1-2 inches Monday/Tuesday. In parts of Brazil if anything it remains too wet, with Parana in for 10+ inches in the next fortnight, according to QT Weather.
China continue to buy US soybeans at an unprecedented rate, as confirmed by yesterday's USDA export sales and shipments numbers, plus an additional sale of 116,000 MT.
The news today that the Chinese government is to cease it's weekly soybean and corn auctions from Dec 1st could also be seen as supportive. Heavy snow in northern areas is also supportive as it will hinder transport and could potentially lead to a reduction in wheat area and yields.
India says that it has planted around a third of it's intended wheat area for the 2010 crop at 9.39 million hectares.
Profarmer and the Commonwealth Bank of Australia have both cut their wheat production estimates there, coming in around 2-3 MMT lower than the USDA's current estimate.
It looks as if we could be in for a lower end to the week, with funds likely to keep their powder dry until Monday. Early calls for this afternoon's CBOT session: corn called 3 to 4 lower; soybeans called 1 to 2 lower; wheat called 5 to 7 lower.
