eCBOT Close, Early Call
eCBOT grains closed a choppy overnight session mixed with soybeans 9-10 cents higher, wheat up 5-6 cents and corn down 2-3 cents.
The market can't seem to make it's mind up about swine flu today, beans opened a couple of cents firmer, before setting contract highs early in the session. By 6am BST prices were back in negative territory and stayed there for most of the morning, before rallying again late on.
The media hype over the recent outbreak of swine flu in Mexico certainly caused a strong reaction in the markets yesterday. The BBC report today that the "death toll" has risen to 152, from 149 last night, so it's not exactly racing away. And of this total only 20 are confirmed swine flu deaths.
In addition the BBC report the number of new cases reported by Mexico's largest government hospitals had declined during the past three days: from 141 on Saturday to 119 on Sunday and 110 on Monday.
Whilst cases, or suspected cases, are being reported around the world, we are talking very small numbers here, and almost all of them mild. Two in the UK, one in Spain etc., there are more people dying every day of a lot more things to be worried about other than swine flu it would seem.
China, amongst a handful of others, have banned imports of US pork for the time being, but they import less than 1% of their pork from America anyway.
Last night's planting progress report appears to show some fair progress was made for corn with 22% of the US crop now planted. The numbers show a marked difference between East and West, with states like Iowa and Minnesota 47% & 40% done respectively, but Illinois and Ohio lagging at just 4% and 2% planted.
Soybeans were 3% planted, in line with expectations and only slightly behind the 5 year average. Spring wheat however continues to lag at 15% planted compared to the five year average of 36%. Additionally top producing spring wheat state of North Dakota is just 1% done compared to 28% a year ago. Meanwhile Oklahoma winter wheat conditions have been hit badly by the Apr 7 freeze, 64% of the crop there is now rated poor-very poor.
Japan are tendering for 156,000 MT of wheat this week with 114,000 MT of it US origin.
The weather in Argentina continues warm & dry, whilst this will enable further harvest progress to be made, it may also continue to trim production estimates lower. Late harvested beans in Brazil's Rio Grande do Sul are also reported to be showing disappointing yields.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 2 to 3 lower; soybeans 8 to 10 higher; wheat 3 to 5 higher.
The market can't seem to make it's mind up about swine flu today, beans opened a couple of cents firmer, before setting contract highs early in the session. By 6am BST prices were back in negative territory and stayed there for most of the morning, before rallying again late on.
The media hype over the recent outbreak of swine flu in Mexico certainly caused a strong reaction in the markets yesterday. The BBC report today that the "death toll" has risen to 152, from 149 last night, so it's not exactly racing away. And of this total only 20 are confirmed swine flu deaths.
In addition the BBC report the number of new cases reported by Mexico's largest government hospitals had declined during the past three days: from 141 on Saturday to 119 on Sunday and 110 on Monday.
Whilst cases, or suspected cases, are being reported around the world, we are talking very small numbers here, and almost all of them mild. Two in the UK, one in Spain etc., there are more people dying every day of a lot more things to be worried about other than swine flu it would seem.
China, amongst a handful of others, have banned imports of US pork for the time being, but they import less than 1% of their pork from America anyway.
Last night's planting progress report appears to show some fair progress was made for corn with 22% of the US crop now planted. The numbers show a marked difference between East and West, with states like Iowa and Minnesota 47% & 40% done respectively, but Illinois and Ohio lagging at just 4% and 2% planted.
Soybeans were 3% planted, in line with expectations and only slightly behind the 5 year average. Spring wheat however continues to lag at 15% planted compared to the five year average of 36%. Additionally top producing spring wheat state of North Dakota is just 1% done compared to 28% a year ago. Meanwhile Oklahoma winter wheat conditions have been hit badly by the Apr 7 freeze, 64% of the crop there is now rated poor-very poor.
Japan are tendering for 156,000 MT of wheat this week with 114,000 MT of it US origin.
The weather in Argentina continues warm & dry, whilst this will enable further harvest progress to be made, it may also continue to trim production estimates lower. Late harvested beans in Brazil's Rio Grande do Sul are also reported to be showing disappointing yields.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 2 to 3 lower; soybeans 8 to 10 higher; wheat 3 to 5 higher.