Late Call On CBOT

Are the Canadian problems now fully priced into the market? It looks like farmers have run out of time in some areas already as far as crop insurance is concerned in Western Canada. Those in Eastern Saskatchewan have until Sunday to beat the insurance deadline.

The forecast isn't in their favour: "The outlook for Saskatchewan is extremely wet with strong thunderstorms today and Thursday. The GFS model indicates rainfall up to 4 inches will develop. Flooding a very serious concern, since fields are already saturated from very heavy May rainfall....the same wet pattern continues in June," says Gail Martell of Martell Crop Projections.

Other news is thin on the ground ahead of tomorrow's export sales report from the USDA. The US Energy Dept will report on crude oil stocks as CBOT opens. The API yesterday reported a surprising crude oil stock increase of 579,000 barrels, the trade is/was expecting a decrease of 1.5-2.0 million.

ABARE came out with only relatively minor adjustments to their previous forecasts for Australian wheat and rapeseed production.

Late calls on CBOT this afternoon: Corn called flat to 2 higher; Soybeans called 2 to 4 higher; Wheat called 1 to 3 higher