Early Call On Chicago
The overnights added to Friday's strong closes, with beans ending 22-24c firmer, wheat up 8-10c and corn up 6-8c.
Crude oil has stopped the rot, currently up 11c at USD73.77/barrel.
Frost in Canada and North Dakota over the weekend looks likely to have caused some crop damage, although it may be quality that is mainly affected.
There are concerns too that similar conditions will be causing crop losses in China's corn areas to the north.
These are not new developments, although the market is trading them as if they were. Fund inflows are what is really behind current price rises, and it's difficult if not impossible to predict how long that will continue.
It remains too dry to start soybean plantings in Mato Grosso. That may see some acres that were expected to be planted with early soybeans rapidly followed by corn or cotton early in 2011, miss out on beans completely this year.
The USDA say that China bought 225,000 MT of US soybeans overnight, with South Korea (165,000 MT) and unknown (110,000 MT) booking US corn.
Early calls on this afternoon's CBOT session: soybeans up 20-25c, corn and wheat up 8-10c.
Crude oil has stopped the rot, currently up 11c at USD73.77/barrel.
Frost in Canada and North Dakota over the weekend looks likely to have caused some crop damage, although it may be quality that is mainly affected.
There are concerns too that similar conditions will be causing crop losses in China's corn areas to the north.
These are not new developments, although the market is trading them as if they were. Fund inflows are what is really behind current price rises, and it's difficult if not impossible to predict how long that will continue.
It remains too dry to start soybean plantings in Mato Grosso. That may see some acres that were expected to be planted with early soybeans rapidly followed by corn or cotton early in 2011, miss out on beans completely this year.
The USDA say that China bought 225,000 MT of US soybeans overnight, with South Korea (165,000 MT) and unknown (110,000 MT) booking US corn.
Early calls on this afternoon's CBOT session: soybeans up 20-25c, corn and wheat up 8-10c.
