eCBOT Close, Early Call
eCBOT grains closed mixed, with beans around 6 cents firmer, corn down 1-2 cents and wheat 1-2 cents higher.
There was little fresh news out overnight from Argentina, with the meeting between the government and the farm leaders seemingly ending in stalemate. Whilst it looks like neither side is prepared to budge, the Argy farmers themselves don't seem quite so eager to strike this time round as they were a year ago. But strike they surely will. Maybe they are prepared to wait until after the harvest.
The eagerly awaited USDA report pegged soybean ending stocks tighter than had been expected. Corn stocks were also cut in a surprise move as an increase had been anticipated. Wheat stocks were raised as US exports continue to lag.
Taking a bit of a shine off the corn number was an increase in global ending stocks.
Japan is expected to buy 112,000mt of mixed origin wheat tomorrow with 70,000mt of it being US origin.
There may be some rainfall relief for some areas of Texas this week, with up to five inches falling in some parts, according to Allen Motew of QT Weather.
Overrunning rain and snow will also cross Oklahoma, Kansas and Nebraska on three of these days with the heaviest Friday and Sunday, he says. The HRW crop will see 20% coverage totaling 0.10-0.25 and 5% coverage (per the GFS) of 0.25-1.00in. This major overrunning rain event over the next five days will do little to advance 85-90% of the nation’s HRW crop, he concludes.
Early calls for this afternoon's CBOT: July corn called 3 to 4 cents higher. July soybeans called 6 to 10 cents higher. July CBOT wheat called 2 to 4 cents lower.
There was little fresh news out overnight from Argentina, with the meeting between the government and the farm leaders seemingly ending in stalemate. Whilst it looks like neither side is prepared to budge, the Argy farmers themselves don't seem quite so eager to strike this time round as they were a year ago. But strike they surely will. Maybe they are prepared to wait until after the harvest.
The eagerly awaited USDA report pegged soybean ending stocks tighter than had been expected. Corn stocks were also cut in a surprise move as an increase had been anticipated. Wheat stocks were raised as US exports continue to lag.
Taking a bit of a shine off the corn number was an increase in global ending stocks.
Japan is expected to buy 112,000mt of mixed origin wheat tomorrow with 70,000mt of it being US origin.
There may be some rainfall relief for some areas of Texas this week, with up to five inches falling in some parts, according to Allen Motew of QT Weather.
Overrunning rain and snow will also cross Oklahoma, Kansas and Nebraska on three of these days with the heaviest Friday and Sunday, he says. The HRW crop will see 20% coverage totaling 0.10-0.25 and 5% coverage (per the GFS) of 0.25-1.00in. This major overrunning rain event over the next five days will do little to advance 85-90% of the nation’s HRW crop, he concludes.
Early calls for this afternoon's CBOT: July corn called 3 to 4 cents higher. July soybeans called 6 to 10 cents higher. July CBOT wheat called 2 to 4 cents lower.