Lunchtime News

07/04/11 -- Not much time for blogging today as I'm up to my eyeballs in stuff, so here's a quick summary of what's gone on this morning:

The Bank of England left UK interest rates on hold at 0.5%, the ECB raised theirs by a quarter to 1.25%.

Weekly USDA export sales came in at 808,900 MT for corn, towards the top end of estimates of 550-850,000 MT. Wheat sales were 722,900 MT against ideas of 350-450,000 MT. Bean sales were disappointing again at 190,300 MT compared to estimates of 300,000 to 450,000 MT.

China didn't feature as a corn buyer once again.

China sold 628,000 MT of the wheat on offer at this week's government auction, bringing the total sold so far this year to 7.9 MMT.

On the overnight Globex market old crop corn ended around 7c firmer, with new crop one up to one down. Beans ended mostly 3-5c firmer and wheat was up 3-6c.

Crude oil and the dollar are slightly firmer.

The USDA are out tomorrow with their latest S&D numbers. US corn ending stocks for 2010/11 are seen falling around 100m bu from last month to 586m. Wheat stocks are expected to rise slightly to 857m bu and beans stocks to fall very slightly from 140m to 137m.

Early calls for this afternoon's CBOT session: Corn 5-7 cents higher, Soybeans 3-5 cents higher, and Wheat up 4-6 cents