eCBOT Close/Early Call
eCBOT grains closed lower with soybeans down around 11-12c and wheat and corn both around 4c easier.
The trade is wrestling to evaluate the extent of overnight rains in Argentina. Private reports reaching me suggest that there was a much more significant rainfall event than the rest of the market seems to think.
Spot crude is back below $40/barrel which will add to the negative tone, whilst the dollar is flat.
The much talked about February break is upon us. Still, what's that old saying about buying on Locust Dinner Day? That of course is Friday, and you will all no doubt be keeping in touch with the markets via your iPhones/smart phones/Blackberrys etc by pointing them at www.noggermobile.co.uk won't you?
Demand is what we need to get these markets going, but where is it going to come from? With yet another US ethanol company filing for chapter 11 over the weekend - how many is that in the last 12 months? - don't expect corn to get too much help from that direction. China have been conspicuous by their absence last week as they took the week off to celebrate their New Year. That may hit the USDA weekly export sales report announced Thursday. Wheat, well it can't get any lower than 23,500mt can it? There are at least a few tenders around this week:
Pakistan are tendering for up to 400,000 wheat, with Japan in for 128,000mt having cancelled last week, and Iraq looking for 50,000mt.
Black Sea origin wheat hasn't enjoyed quite such a free reign this last couple of weeks as supplies finally tighten a little, weather concerns are also making logistics difficult. It will be interesting to see who picks up what business out of these tenders.
Early call for this afternoon's CBOT session: Corn Down 2-4c, Wheat Down 3-5c, Soy Down 10-12c.
The trade is wrestling to evaluate the extent of overnight rains in Argentina. Private reports reaching me suggest that there was a much more significant rainfall event than the rest of the market seems to think.
Spot crude is back below $40/barrel which will add to the negative tone, whilst the dollar is flat.
The much talked about February break is upon us. Still, what's that old saying about buying on Locust Dinner Day? That of course is Friday, and you will all no doubt be keeping in touch with the markets via your iPhones/smart phones/Blackberrys etc by pointing them at www.noggermobile.co.uk won't you?
Demand is what we need to get these markets going, but where is it going to come from? With yet another US ethanol company filing for chapter 11 over the weekend - how many is that in the last 12 months? - don't expect corn to get too much help from that direction. China have been conspicuous by their absence last week as they took the week off to celebrate their New Year. That may hit the USDA weekly export sales report announced Thursday. Wheat, well it can't get any lower than 23,500mt can it? There are at least a few tenders around this week:
Pakistan are tendering for up to 400,000 wheat, with Japan in for 128,000mt having cancelled last week, and Iraq looking for 50,000mt.
Black Sea origin wheat hasn't enjoyed quite such a free reign this last couple of weeks as supplies finally tighten a little, weather concerns are also making logistics difficult. It will be interesting to see who picks up what business out of these tenders.
Early call for this afternoon's CBOT session: Corn Down 2-4c, Wheat Down 3-5c, Soy Down 10-12c.