Early Call On CBOT
07/10/10 -- The overnights closed mostly steady with wheat around 6-7c firmer, corn up 3-5c and beans 8-10c higher.
Crude oil is around half a dollar higher and the USD is weak.
The market is positioning itself ahead of tomorrow's crucial USDA data and nervous of another surprise. There seems to be some talk that although dropping corn yields is a given, they may actually find some extra acres to leave production above 13 billion bushels. Soybean output is also expected to fall.
Ending stocks for corn are seen at 1.172 billion (USDA 1.116 billion last month), with beans coming in at 337 million (350 million) and wheat at 873 million (902 million).
Today's weekly export sales were neutral for corn and beans and friendly for wheat.
Dryness in Brazil is still a concern, although soybean plantings are expected to be record.
Reports coming out of Western Australia are also a worry, where the wheat crop is seen at less than half last year.
Early calls for this afternoon's CBOT session: corn up 3-5c; wheat up 5-7c; beans up 8-10c.
Crude oil is around half a dollar higher and the USD is weak.
The market is positioning itself ahead of tomorrow's crucial USDA data and nervous of another surprise. There seems to be some talk that although dropping corn yields is a given, they may actually find some extra acres to leave production above 13 billion bushels. Soybean output is also expected to fall.
Ending stocks for corn are seen at 1.172 billion (USDA 1.116 billion last month), with beans coming in at 337 million (350 million) and wheat at 873 million (902 million).
Today's weekly export sales were neutral for corn and beans and friendly for wheat.
Dryness in Brazil is still a concern, although soybean plantings are expected to be record.
Reports coming out of Western Australia are also a worry, where the wheat crop is seen at less than half last year.
Early calls for this afternoon's CBOT session: corn up 3-5c; wheat up 5-7c; beans up 8-10c.
