eCBOT Close, Early Call
The overnights closed mostly lower in a partial correction from last night's gains. Front month September beans bucked the trend closing 5 3/4 cents higher, with other months down around a cent to two. Wheat and corn closed mostly a cent or so easier.
A firmer dollar and weaker crude and stocks is adding a bit of bearishness today.
China bought 110,000 MT of new crop US beans overnight, and South Korea booked 105,000 MT of US corn. Taiwan purchased 60,000 MT of Brazilian corn and is in the market for a similar quantity of US or Brazilian beans. Japan is tendering for 160,000 MT of wheat of which 97,000 is US origin.
Cooler than normal weather will return to the Corn Belt this weekend, says Allen Motew of QT Weather. With temperatures 8-12 degrees below normal, Monday morning will see things get into the mid-40's in Michigan, he says. No frosts are expected just yet mind, although the first week in September sees another cool-down for Canada and the northern Plains too, he concludes.
That should be enough to keep things a little 'nervous' for the next few weeks, even though last night's USDA report showed soybean development not too far behind normal.
The spring wheat harvest is still way behind schedule however, and corn progress is also lagging somewhat.
Saudi Arabia say that they will only produce 1 MMT if wheat this year, after the government decide to abandon a self-sufficiency drive saying that the cost of irrigation was too high. That leaves them needing to import 1.8 MMT in 2009/10.
Early calls for this afternoon's CBOT session: September soybeans 5 cents higher; corn and wheat 1-2 cents lower.
A firmer dollar and weaker crude and stocks is adding a bit of bearishness today.
China bought 110,000 MT of new crop US beans overnight, and South Korea booked 105,000 MT of US corn. Taiwan purchased 60,000 MT of Brazilian corn and is in the market for a similar quantity of US or Brazilian beans. Japan is tendering for 160,000 MT of wheat of which 97,000 is US origin.
Cooler than normal weather will return to the Corn Belt this weekend, says Allen Motew of QT Weather. With temperatures 8-12 degrees below normal, Monday morning will see things get into the mid-40's in Michigan, he says. No frosts are expected just yet mind, although the first week in September sees another cool-down for Canada and the northern Plains too, he concludes.
That should be enough to keep things a little 'nervous' for the next few weeks, even though last night's USDA report showed soybean development not too far behind normal.
The spring wheat harvest is still way behind schedule however, and corn progress is also lagging somewhat.
Saudi Arabia say that they will only produce 1 MMT if wheat this year, after the government decide to abandon a self-sufficiency drive saying that the cost of irrigation was too high. That leaves them needing to import 1.8 MMT in 2009/10.
Early calls for this afternoon's CBOT session: September soybeans 5 cents higher; corn and wheat 1-2 cents lower.