CBOT Early Call
The overnights closed mostly a little lower with beans down a cent or so, corn narrowly mixed and wheat mostly 2-3 cents easier.
Crude oil is barely changed, and support comes from a weaker US dollar.
Traders will remain cautious ahead of Friday's USDA report and some consolidation and profit-taking can be expected ahead of that.
Stats Canada have today surprised the market by pegging all wheat and canola stocks considerably higher than trade expectations. Wheat stocks came in at 7.82 MMT, a little over 1 MMT more than had been anticipated. Canola stocks were more than 40% higher than anticipated at 2.123 MMT, a near record for this time of year.
Last night's USDA crop ratings saw corn good/excellent fall one point to 69%, whilst soybeans held steady at 64%.
The USDA have today announced the sale of 115,000 MT new crop beans to China and 109,000 MT HRW to "unknown".
The trade is also waiting on news of Egypt's latest wheat tender due today.
The Bank of Canada has increased interest rates by a quarter to 1%.
Early calls for this afternoon's CBOT session: Beans are called flat/down 2c; corn mixed and wheat down 2 to 4 c.
Crude oil is barely changed, and support comes from a weaker US dollar.
Traders will remain cautious ahead of Friday's USDA report and some consolidation and profit-taking can be expected ahead of that.
Stats Canada have today surprised the market by pegging all wheat and canola stocks considerably higher than trade expectations. Wheat stocks came in at 7.82 MMT, a little over 1 MMT more than had been anticipated. Canola stocks were more than 40% higher than anticipated at 2.123 MMT, a near record for this time of year.
Last night's USDA crop ratings saw corn good/excellent fall one point to 69%, whilst soybeans held steady at 64%.
The USDA have today announced the sale of 115,000 MT new crop beans to China and 109,000 MT HRW to "unknown".
The trade is also waiting on news of Egypt's latest wheat tender due today.
The Bank of Canada has increased interest rates by a quarter to 1%.
Early calls for this afternoon's CBOT session: Beans are called flat/down 2c; corn mixed and wheat down 2 to 4 c.
