eCBOT Close, Early Call
The overnight markets closed with very little change either way. Stocks and crude oil appear to have stabilised following sharp declines earlier in the week. The dollar is on a slightly weaker footing too.
US data just released shows 216,000 jobs disappeared in July, and that the unemployment rate rose to 9.7% in August. Economists had estimated that the US economy lost 225,000 jobs in July and were looking for an unemployment rate of 9.5%.
The US weather outlook remains largely favourable for the next couple of weeks, although the lateness of the crops means that frost could still be a threat in the second half of the month and through a large part of October too for corn.
Still, for now at least, we are looking at bumper corn yields as predicted by Informa yesterday. We are also going to see a record soybean harvest and likely all-time high plantings to follow in South America.
Allendale are just out pegging corn yields at a record 164.08 bu/acre and soybeans at 43.10 bu/acre. The previous highest corn yield was 160.4 bu/acre. Last month's USDA was 159.5 bu/acre and 41.7 bu/acre respectively.
The Indian government say that monsoon rains there are now 'only' 22% behind normal June 1st-Sept 3rd. Although that's better than last week, it's still the worst since 1972.
South Korea bought 55,000 tonnes of US corn overnight.
Early calls for this afternoon's CBOT session: corn called 2 to 3 lower; beans called 2 to 4 lower; wheat called 1 to 3 lower.
US data just released shows 216,000 jobs disappeared in July, and that the unemployment rate rose to 9.7% in August. Economists had estimated that the US economy lost 225,000 jobs in July and were looking for an unemployment rate of 9.5%.
The US weather outlook remains largely favourable for the next couple of weeks, although the lateness of the crops means that frost could still be a threat in the second half of the month and through a large part of October too for corn.
Still, for now at least, we are looking at bumper corn yields as predicted by Informa yesterday. We are also going to see a record soybean harvest and likely all-time high plantings to follow in South America.
Allendale are just out pegging corn yields at a record 164.08 bu/acre and soybeans at 43.10 bu/acre. The previous highest corn yield was 160.4 bu/acre. Last month's USDA was 159.5 bu/acre and 41.7 bu/acre respectively.
The Indian government say that monsoon rains there are now 'only' 22% behind normal June 1st-Sept 3rd. Although that's better than last week, it's still the worst since 1972.
South Korea bought 55,000 tonnes of US corn overnight.
Early calls for this afternoon's CBOT session: corn called 2 to 3 lower; beans called 2 to 4 lower; wheat called 1 to 3 lower.