CBOT Early Call
The overnight grains closed narrowly mixed, with beans 2-3 cents higher, corn up fractions and wheat down fractions.
The dollar is firmer once again and crude oil weaker.
Celeres say that the Brazilian soybean harvest is 56% done, well ahead of the five year average pace of 41%. Mato Grosso in the north is 88% complete and Parana 62% done, with Rio Grande do Sul in the south just getting started at 6% harvested,
Despite the harvest being ahead of schedule, sales are lagging at 36% sold versus the five year average of 50% sold. This would appear to confirm reports that Brazilian farmers are less than thrilled at the prospect of selling at below the cost of production.
The USDA confirm that 120,000 MT of soybeans for 2010/11 have been sold to unknown. Taiwan purchased 60,000 MT of US corn for May and South Korea bought 165,000 MT of either US or South American origin corn.
China's Ministry of Commerce says they will import 4.56 MMT of soybeans in March, up from their previous est of 3.9 MMT and 3.86 MMT in 2009.
US weather is forecast to warm up considerably over the next few weeks, with temperatures 12-16 degrees above normal in the west, ready to spread eastward for the first week of April, according to QT Weather. This will bring heat into the 70’s in the Dakotas, and 90’s in Texas spreading eastward, they say.
Early calls for this afternoon's CBOT session: Soybeans called 1-2 cents higher, corn and wheat flat to down 1.
The dollar is firmer once again and crude oil weaker.
Celeres say that the Brazilian soybean harvest is 56% done, well ahead of the five year average pace of 41%. Mato Grosso in the north is 88% complete and Parana 62% done, with Rio Grande do Sul in the south just getting started at 6% harvested,
Despite the harvest being ahead of schedule, sales are lagging at 36% sold versus the five year average of 50% sold. This would appear to confirm reports that Brazilian farmers are less than thrilled at the prospect of selling at below the cost of production.
The USDA confirm that 120,000 MT of soybeans for 2010/11 have been sold to unknown. Taiwan purchased 60,000 MT of US corn for May and South Korea bought 165,000 MT of either US or South American origin corn.
China's Ministry of Commerce says they will import 4.56 MMT of soybeans in March, up from their previous est of 3.9 MMT and 3.86 MMT in 2009.
US weather is forecast to warm up considerably over the next few weeks, with temperatures 12-16 degrees above normal in the west, ready to spread eastward for the first week of April, according to QT Weather. This will bring heat into the 70’s in the Dakotas, and 90’s in Texas spreading eastward, they say.
Early calls for this afternoon's CBOT session: Soybeans called 1-2 cents higher, corn and wheat flat to down 1.
