Early Call On Chicago

Posted by Nogger - a legend in his own mind at 14:11 | Categorized as

10/01/11 -- The overnight grains were mixed, but mostly higher, with beans generally up 4-6c, corn up 3-5c and wheat up 1-4c.

Crude oil is higher on news of a major pipeline closure due to another leakage problem for BP, this time in Alaska. The dollar is also a bit firmer.

Kansas weekend snowfall largely disappointed ahead of temperatures of 7-8F below zero forecast starting tonight. October-December precipitation in Kansas was around 40% below normal, Say Martell Crop Projections.

US wheat was the cheapest on offer over the weekend in Egypt's latest tender.

The USDA are out on Wednesday with their latest world supply and demand numbers, plus US quarterly stocks and wheat planting figures. Nervousness ahead of these numbers may limit upside potential over the next couple of sessions.

One private firm now estimate Argy soybean production potential as unlikely to top 40 MMT, 12 MMT below the USDA's December number, with corn output also seen sharply lower.

Meanwhile parts of Queensland reportedly got a foot of rain over the weekend, according to one radio report I heard. That will continue to cause logistical problems. Reports filtering through from NSW and Victoria continue to suggest bumper yields on wheat, barley and rapeseed although quality is still an issue.

Early calls for this afternoon's CBOT session: Corn up 3-5c, beans up 5-7c, wheat up 2-4c.