Early Call On CBOT
The overnight grains closed lower, with beans and wheat down around 6-7 cents and corn around 5 cents easier.
The dollar is up, crude oil is down and global stocks are also on the defensive.
Once again China sold the vast majority of the corn it was offering at it's weekly corn auction: 924,500 MT of corn out of the 984,700 MT on offer found buyers despite corn processors being barred from taking part in the bidding.
Will they be back to book more US corn cargoes this week?
The China National Grain & Oils Information Centre say that soybean imports in the 2010 calendar year may rise from the 46 MMT currently predicted to 48 MMT.
The USDA will report on crop conditions and planting progress after the close of CBOT tonight. Reports suggest that a largely dry weekend, drier than had been expected, should have helped corn planting just about wrap up and enabled further good advances with soybean sowings.
Soybean plantings are expected to be 75-80% done.
"The hard red winter wheat belt will turn very hot this week as desert air from the Mexican Plateau surges northward. Highs in the mid 90s F are predicted in West Texas and western Oklahoma, even approaching 100 F on a couple of days. Hot, windy weather will push wheat development causing premature ripening in Texas and Oklahoma. Moderate temperatures and recurring thunderstorms improved wheat ratings in May, but wheat will deteriorate rapidly this week with hot and dry weather," say Martell Crop Projections.
Hot and dry certainly isn't the problem over the border in Canada. Here it's far too wet, and cold too.
"At this point thousands of acres will not be planted or have been flooded after sowing. If we get one more rainy spell in the next 10 days, as is being predicted, the unseeded will become hundreds of thousands of acres. Quite a turnabout from being the "drought" story of the late winter early spring," my buddy Brad Eggum reports from Saskatchewan.
The euro is once again under heavy pressure after Spain's credit rating was downgraded over the weekend.
Early calls for this afternoon's CBOT session: corn called 3 to 5 lower; soybeans called 6 to 8 lower; wheat called 5 to 7 lower.
The dollar is up, crude oil is down and global stocks are also on the defensive.
Once again China sold the vast majority of the corn it was offering at it's weekly corn auction: 924,500 MT of corn out of the 984,700 MT on offer found buyers despite corn processors being barred from taking part in the bidding.
Will they be back to book more US corn cargoes this week?
The China National Grain & Oils Information Centre say that soybean imports in the 2010 calendar year may rise from the 46 MMT currently predicted to 48 MMT.
The USDA will report on crop conditions and planting progress after the close of CBOT tonight. Reports suggest that a largely dry weekend, drier than had been expected, should have helped corn planting just about wrap up and enabled further good advances with soybean sowings.
Soybean plantings are expected to be 75-80% done.
"The hard red winter wheat belt will turn very hot this week as desert air from the Mexican Plateau surges northward. Highs in the mid 90s F are predicted in West Texas and western Oklahoma, even approaching 100 F on a couple of days. Hot, windy weather will push wheat development causing premature ripening in Texas and Oklahoma. Moderate temperatures and recurring thunderstorms improved wheat ratings in May, but wheat will deteriorate rapidly this week with hot and dry weather," say Martell Crop Projections.
Hot and dry certainly isn't the problem over the border in Canada. Here it's far too wet, and cold too.
"At this point thousands of acres will not be planted or have been flooded after sowing. If we get one more rainy spell in the next 10 days, as is being predicted, the unseeded will become hundreds of thousands of acres. Quite a turnabout from being the "drought" story of the late winter early spring," my buddy Brad Eggum reports from Saskatchewan.
The euro is once again under heavy pressure after Spain's credit rating was downgraded over the weekend.
Early calls for this afternoon's CBOT session: corn called 3 to 5 lower; soybeans called 6 to 8 lower; wheat called 5 to 7 lower.
