eCBOT Close, Early Call
The overnights closed sharply higher, with beans up around 15 cents, wheat around 12 cents higher and corn up 7 or so.
An interesting scenario is starting to develop with the US weather situation. There seems to be a subtle shift from fearing a freeze to positively wanting one.
They've had so much rain over the last month or so, the consensus seems to be now that a freeze would at least enable the combines to get into the fields. Even if there are quality issues with what they cut, at least they'd cut something.
One report I've read this morning quotes a Mississippi farmer as saying that he's had 25 inches of rain on his farm between Sept. 13, when the bean harvest was ready to start, and Oct. 13.
Even a few dry days are unlikely to help the crops to dry out too much with temperatures where they are and November only just over a week away.
There are a few panic signs starting to appear.
With the global economic recovery seemingly underway (except here in the UK of course) inflation could be the next big worry. Printing money willy-nilly causes inflation, that is a given.
If and when inflation takes hold, agricultural commodities could easily be the thing to be in. In the US the large funds are now exiting their wheat shorts as rapidly as they can.
Yesterdays export sales were strong for beans and wheat, but poor for corn. Corn might therefore be more of a follower today.
Crude oil has pushed through the USD80/barrel mark and now appears to be attempting to consolidate above that level.
Early calls for this afternoon's CBOT session: corn called 5 to 10 higher; soybeans called 15 to 20 higher; wheat called 10 to 12 higher.
An interesting scenario is starting to develop with the US weather situation. There seems to be a subtle shift from fearing a freeze to positively wanting one.
They've had so much rain over the last month or so, the consensus seems to be now that a freeze would at least enable the combines to get into the fields. Even if there are quality issues with what they cut, at least they'd cut something.
One report I've read this morning quotes a Mississippi farmer as saying that he's had 25 inches of rain on his farm between Sept. 13, when the bean harvest was ready to start, and Oct. 13.
Even a few dry days are unlikely to help the crops to dry out too much with temperatures where they are and November only just over a week away.
There are a few panic signs starting to appear.
With the global economic recovery seemingly underway (except here in the UK of course) inflation could be the next big worry. Printing money willy-nilly causes inflation, that is a given.
If and when inflation takes hold, agricultural commodities could easily be the thing to be in. In the US the large funds are now exiting their wheat shorts as rapidly as they can.
Yesterdays export sales were strong for beans and wheat, but poor for corn. Corn might therefore be more of a follower today.
Crude oil has pushed through the USD80/barrel mark and now appears to be attempting to consolidate above that level.
Early calls for this afternoon's CBOT session: corn called 5 to 10 higher; soybeans called 15 to 20 higher; wheat called 10 to 12 higher.