eCBOT Close, Early Call
The overnight eCBOT market closed sharply lower with wheat around 10c lower, corn down around 6-8c and beans 25-32c lower.
A stronger dollar and weak crude oil set a bearish tone to the start of the week. European stocks are lower and Wall Street is expected to follow suit.
Large spec funds added to their shorts in CBOT wheat last week, according to CFTC data. They also modestly reduced their short positions in corn.
The weather forecast for the week ahead includes plenty of rain for the Midwest, whilst temperatures are cooling down, there is no sign of a frost just yet. Not so on the Canadian Prairies, where growers are expected to have woken up to frost this morning.
Large parts of the EU wheat harvest are already completed, and the USDA will report tonight on how the US spring wheat harvest is going. Also we will get the latest on crop condition and development for corn & beans.
Rain is needed in Argentina, where wheat plantings are the lowest in over 100 years, as the crop reaches the head filling stage. El Nino hasn't shown up in Australia yet, and wheat production estimates there are inching up. September/October is the critical time for wheat development Down Under.
Early calls for this afternoon's CBOT session: corn called 5 to 7 lower; soybeans called 20 to 25 lower; wheat called 5 to 10 lower.
A stronger dollar and weak crude oil set a bearish tone to the start of the week. European stocks are lower and Wall Street is expected to follow suit.
Large spec funds added to their shorts in CBOT wheat last week, according to CFTC data. They also modestly reduced their short positions in corn.
The weather forecast for the week ahead includes plenty of rain for the Midwest, whilst temperatures are cooling down, there is no sign of a frost just yet. Not so on the Canadian Prairies, where growers are expected to have woken up to frost this morning.
Large parts of the EU wheat harvest are already completed, and the USDA will report tonight on how the US spring wheat harvest is going. Also we will get the latest on crop condition and development for corn & beans.
Rain is needed in Argentina, where wheat plantings are the lowest in over 100 years, as the crop reaches the head filling stage. El Nino hasn't shown up in Australia yet, and wheat production estimates there are inching up. September/October is the critical time for wheat development Down Under.
Early calls for this afternoon's CBOT session: corn called 5 to 7 lower; soybeans called 20 to 25 lower; wheat called 5 to 10 lower.