Early Call On Chicago

Posted by Nogger - a legend in his own mind at 14:37 | Categorized as

01/05/12 -- The overnight gains saw a bit of consolidation with beans ending around 10-12 down on old crop and 3-4 down on new crop. Corn was 4-6 cents lower and wheat 7-11 cents weaker. Crude is barely changed.

Fresh news is scarce with half of Europe and Asia away on holiday.

You can't fault China though, they're back again with the USDA reporting 110,000 MT of soybeans sold to them for 2012/13 delivery.

The USDA have also confirmed that 110,000 MT of the weekend Saudi business was US origin HRW wheat.

Michael Cordonnier has cut his Argy soybean production estimate from 41.5 MMT to 40.0 MMT and taken 1 MMT off his Brazilian forecast which now stands at 65.0 MMT.

There's a Kansas wheat tour kicking off today which concludes Thursday. Yields are expected to be around 10 bushels/acre up on last year's drought stricken 35 bpa.

Last night's rapid progress in corn planting should weigh on new crop today. So too should winter wheat maturity at 54% headed versus 24% on average.

In what could be a low volume session early calls are for wheat and soybeans to open 8-10 cents down, with corn 5-7 cents weaker.