Early Call On Chicago

Posted by Nogger - a legend in his own mind at 14:02 | Categorized as

14/09/11 -- The overnight grains finished mixed with beans and corn around 4-6 cents lower and wheat flat to 2/3 cents firmer. Crude oil is half a dollar weaker.

European debt concerns haven't gone away, although there seems to be a degree of optimism about so far today. The French, German and Greek leaders are to apparently try and pull a rabbit out of the hat to calm the markets today.

EU Commission president Jose Manuel Barroso is advocating plans for the 17 eurozone nations to issue joint bonds, an idea that many (but not Germany) seem to like.

The chance of frost in the Upper Midwest is seen diminishing, there's also a decent shot at some rains for the dry southern Plains ahead of winter wheat planting.

The NOPA soybean crush for August came in at 118.8 million bushels, below the 119.7 million expected and 4.2 million down on August 2010.

The trade is awaiting the results of Egypt's latest wheat tender, the arrival of Kazakhstan on the scene is expected to keep a lid on recent Russian price rises.

The USDA have just confirmed the sale of 106,000 MT of US soybeans to China under the daily reporting system.

China's CNGOIC says that it will produce "more than 180 MMT" of corn this year, a record volume and 2 MMT more than the USDA said on Monday, but then again what else would you expect them to say?

No sooner do we have Monday's eagerly awaited production and S&D numbers than we find ourselves looking for direction again.

Early calls for this afternoon's CBOT session: wheat flat to 2 cents firmer, corn down 3-5 cents and soybeans down 4-6 cents.