Early Call On Chicago
The overnights closed with beans up 7-12 cents, corn 3-4 cents higher and wheat leading the way with gains of around 13-15 cents.
Once again Chicago is following Europe, as London wheat moves to 13-month highs and Paris wheat to contract highs.
The stories coming out of Russia just keep getting worse. Now Strategie Grains have dropped their EU-27 grain estimates just as Ukraine are also cutting theirs. Quality is also clearly going to be a problem in flooded Eastern Europe and then we've got similarly afflicted Canada.
All of a sudden it looks like the US could be sitting quite pretty, and don't forget those nasty spec shorts, they must be sweating like a dyslexic on Countdown right now.
I can't wait for Egypt's tenders this winter!
Bearish news like a slowdown in China's economy is being pushed to one side as the market kin Europe races higher, with many now likening this to "the start of the big bull run of 2007/early 2008".
There are certain similarities, it wasn't end-user driven then either that's for sure. The question to which we don't know the answer is how much higher can "the money" push it?
Stocks are higher now than they were in 2007, and surely some lessons have been learnt from that particular bubble? We shall see, but for now the path of least resistance is higher.
The USDA have just confirmed 116,000 MT of new crop soybeans sold to China, plus a further 238,000 MT sold to "unknown". In addition they say "unknown" bought 152,400 MT of corn.
Weekly corn export sales were towards the upper end of expectations at just over 1 MMT. Soybean sales exceeded expectations at over 1.2 MMT. Wheat sales were flat at 309,400 MT.
Early calls for this afternoon: Corn called 2 to 5 higher; Soybeans called 10 to 15 higher; Wheat called 10 to 15 higher
Once again Chicago is following Europe, as London wheat moves to 13-month highs and Paris wheat to contract highs.
The stories coming out of Russia just keep getting worse. Now Strategie Grains have dropped their EU-27 grain estimates just as Ukraine are also cutting theirs. Quality is also clearly going to be a problem in flooded Eastern Europe and then we've got similarly afflicted Canada.
All of a sudden it looks like the US could be sitting quite pretty, and don't forget those nasty spec shorts, they must be sweating like a dyslexic on Countdown right now.
I can't wait for Egypt's tenders this winter!
Bearish news like a slowdown in China's economy is being pushed to one side as the market kin Europe races higher, with many now likening this to "the start of the big bull run of 2007/early 2008".
There are certain similarities, it wasn't end-user driven then either that's for sure. The question to which we don't know the answer is how much higher can "the money" push it?
Stocks are higher now than they were in 2007, and surely some lessons have been learnt from that particular bubble? We shall see, but for now the path of least resistance is higher.
The USDA have just confirmed 116,000 MT of new crop soybeans sold to China, plus a further 238,000 MT sold to "unknown". In addition they say "unknown" bought 152,400 MT of corn.
Weekly corn export sales were towards the upper end of expectations at just over 1 MMT. Soybean sales exceeded expectations at over 1.2 MMT. Wheat sales were flat at 309,400 MT.
Early calls for this afternoon: Corn called 2 to 5 higher; Soybeans called 10 to 15 higher; Wheat called 10 to 15 higher
