Early Call On CBOT

The overnights closed sharply higher, led by limit up wheat. European markets are also through the roof as Russia announce an Aug 15th-Dec 31st ban on grain exports.

The USDA's weekly export sales reports were at or just above the upper end of trade estimates for wheat, corn and beans.

Add to that Egypt also featured as a wheat buyer taking 110,000 MT, and China bought both old and new crop corn and large quantities of new crop beans.

And you can also add to those bullish inputs the USDA today separately reporting private export sales of:

110,000 MT of hard red winter wheat for delivery to unknown
455,000 MT of new crop soybeans for delivery to China
111,500 MT of new crop soybeans for delivery to unknown

My haven't they been busy!

Meanwhile Martell Crop Projections say that "a heat dome entrenched in the South Central United States is expanding its influence northward into key corn and soybean growing areas". That might add to the nerves this afternoon.

Wheat is called limit up with beans and corn around 15-20 cents higher. If wheat can hold limit up then expect corn and beans to go higher than the opening calls too. There is already talk of Asian buyers switching into corn as wheat prices soar.