Early Call On Chicago

Posted by Nogger - a legend in his own mind at 15:19 | Categorized as

14/01/11 -- The overnights closed lower, with wheat leading the way down 12-13c, beans off around 6c and corn 4-5c lower.

It looks like time to take profits ahead fo a long weekend, it's Martin Luther King Day on Monday and the grains have had another good week.

CBOT July wheat is up 16 1/2 cents on the week so far; March corn up 47 1/2 cents; March soybeans up 51 cents; Mar soymeal up USD20.90 and Mar soyoil up 89 points.

China has raised it's reserve requirements again (for the seventh time in the recent past in fact), by 50 basis points this time as they continue to try to rein in inflation.

Argentina is looking a bit wetter, yesterday's weekly export figures were ho-hum, crude oil is down the best part of a dollar. Chinese buyers may be looking to cancel DDGS shipments.

The NOPA December soybean crush came below expectations at 149.4 million bushels, well below December 2009.

Wheat again looks the weakest, with further widening expected on the differential between CBOT and KCBT/MGEX.

It all looks a little tired heading into the weekend, opening calls are: Beans down 5 to 7 cents, corn down 4 to 6 cents and wheat down 10 to 14 cents