CBOT Early Call
The overnights closed firmer helped by a weak US dollar. Beans finished with gains of around 5-6 cents, with wheat up 4-5 cents and corn 3-4 cents higher.
Crude oil started the day firmer, but has slipped back slightly to just under USD85/barrel. Crude stocks rose again last week for the 10th week in succession, that's the longest run of straight gains since 2004.
Despite that though crude prices are holding up remarkably well, preferring instead to focus on Chinese demand and hopes for world economic growth.
The dollar is weaker following the news emerging over the weekend that eurozone members and the IMF have come up with a EUR45 billion aid package for Greece if it needs it.
The USDA reports of the past ten days or so are now history.
Despite dropping global wheat ending stocks, they are still the largest for eight years, with stocks to usage now the highest since 2004.
Iraq are shopping for 100,000 MT of wheat and Saudi Arabia bought 550,000 MT of unspecified origin wheat over the weekend.
An article on Bloomberg, quoting Shanghai JC Intelligence Co, suggests that last year's Chinese wheat crop was only 101.4 MMT, substantially less than the USDA's 114.5 MMT.
The volume of large open short positions on wheat still leaves the market vulnerable to corrections.
Despite South American soybean harvests advancing, the USDA has today announced an interesting sale of 120,000 MT of old crop soybeans to China. That might support beans this afternoon.
Reports suggest that a decent weekend of weather across much of the Midwest has seen a significant pick-up in corn plantings. Timely sowings should maximise yield potential.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher.; soybeans called 5 to 7 higher; wheat called 3 to 5 higher.
Crude oil started the day firmer, but has slipped back slightly to just under USD85/barrel. Crude stocks rose again last week for the 10th week in succession, that's the longest run of straight gains since 2004.
Despite that though crude prices are holding up remarkably well, preferring instead to focus on Chinese demand and hopes for world economic growth.
The dollar is weaker following the news emerging over the weekend that eurozone members and the IMF have come up with a EUR45 billion aid package for Greece if it needs it.
The USDA reports of the past ten days or so are now history.
Despite dropping global wheat ending stocks, they are still the largest for eight years, with stocks to usage now the highest since 2004.
Iraq are shopping for 100,000 MT of wheat and Saudi Arabia bought 550,000 MT of unspecified origin wheat over the weekend.
An article on Bloomberg, quoting Shanghai JC Intelligence Co, suggests that last year's Chinese wheat crop was only 101.4 MMT, substantially less than the USDA's 114.5 MMT.
The volume of large open short positions on wheat still leaves the market vulnerable to corrections.
Despite South American soybean harvests advancing, the USDA has today announced an interesting sale of 120,000 MT of old crop soybeans to China. That might support beans this afternoon.
Reports suggest that a decent weekend of weather across much of the Midwest has seen a significant pick-up in corn plantings. Timely sowings should maximise yield potential.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher.; soybeans called 5 to 7 higher; wheat called 3 to 5 higher.