Early Call On CBOT

The overnight grains were mixed, mostly lower, with beans down around 3-4 cents. corn down 1-2 cents and wheat a cent or so firmer.

The dollar is a tad weaker and crude oil a bit firmer.

It could be a low volume session ahead of a long three day weekend.

Light rains are forecast for the weekend, with heavier rains and warmer conditions moving in from the middle of next week. Ideal growing conditions you might say.

Corn planting should now be more or less done, with soybean plantings advancing to maybe 70-75% or so by the end of the weekend.

The first cargo of US corn recently bought by China will depart from the Pacific Northwest this weekend.

Egypt are tendering for wheat of various origins today, it seems unlikely that they will buy any US wheat given the strength of the dollar and the freight advantages that Europe and Black Sea wheat has.

China are expected to import maybe as much as a record 5.5 MMT of soybeans in June. As long as they keep taking something from the US, as they did again yesterday, that should underpin prices.

There are already some serious question marks hanging over Chinese corn, wheat and rapeseed production this season. That could underwrite the entire market.

Early calls for this afternoon's CBOT session: corn called 1 to 2 lower; soybeans called 2 to 4 lower; wheat called flat to 2 higher.