eCBOT Close, Early Call
The overnight grains closed firmer with beans up around 9 cents, wheat around 5 cents higher and corn up 3 cents or so.
Support came from the weaker dollar, investor enthusiasm and gold hitting another all-time high.
News that the Bank of America would repay USD45 billion of TARP loans appears to have got investors back in the mood, which in turn sent the 'safe' dollar lower.
Crude initially dragged itself higher earlier, despite the US Energy Dept confirming yesterday what the API had said the day before, crude stocks rose by 2 million barrels last week to the highest levels since August. Gasoline inventories also rose by 4 million barrels, whilst fuel demand fell 3.2% year-on-year.
Crude has subsequently slipped from an intra-day high of USD77.50/barrel to currently stand at a little over USD76/barrel.
Weekly export sales were all in line with pre-report estimates. Whilst China again was the main protagonist for soybeans, booking 312,300 MT, activity was somewhat reduced from the very large numbers we have recently got used to seeing.
Even so we don't need to see many sales now to hit the USDA's soybean export target which is only up 3.5% from last year's record pace, yet sales so far are up 58% & actual shipments are up 33%.
The weather in South America remains a bit of a conundrum, too dry in the west of Argentina and too wet in southern Brazil and Uruguay. Brazil will continue to see heavy rainfall, as much as 16-inches, across the Center-West, Centre-South and the SE too, according to QT Weather.
Brazil popped up as a buyer in the USDA's weekly export sales for wheat, the US will be hoping that they might become a regular feature from now on.
Certainly they aren't getting much of a look in with the world's biggest wheat buyer Egypt. They've bought 240,000 MT of Russian/German wheat in a tender today.
Delivery intentions for corn have picked up a little from earlier in the week at 826 contracts, whilst wheat is a little lighter, although still plentiful, at 3,288 contracts.
Stats Canada say that all wheat production there was 26.515 MMT, nearly 2 MMT up on their last September estimate. Barley and rapeseed output estimates were also increased.
Reports from Australia continue to indicate that a succession of 30+ degree days through much of November followed by very heavy rains have caused some issues with yields and quality.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher; beans called 7 to 10 higher; wheat called 3 to 5 higher.
Where it will all end depends on funds and outside markets, support from crude has fallen away and fund activity has been confined to the beginning of the week recently. I'll call corn to end 3-5 lower, beans around unchanged to 4 higher and wheat 6-10 lower.
Support came from the weaker dollar, investor enthusiasm and gold hitting another all-time high.
News that the Bank of America would repay USD45 billion of TARP loans appears to have got investors back in the mood, which in turn sent the 'safe' dollar lower.
Crude initially dragged itself higher earlier, despite the US Energy Dept confirming yesterday what the API had said the day before, crude stocks rose by 2 million barrels last week to the highest levels since August. Gasoline inventories also rose by 4 million barrels, whilst fuel demand fell 3.2% year-on-year.
Crude has subsequently slipped from an intra-day high of USD77.50/barrel to currently stand at a little over USD76/barrel.
Weekly export sales were all in line with pre-report estimates. Whilst China again was the main protagonist for soybeans, booking 312,300 MT, activity was somewhat reduced from the very large numbers we have recently got used to seeing.
Even so we don't need to see many sales now to hit the USDA's soybean export target which is only up 3.5% from last year's record pace, yet sales so far are up 58% & actual shipments are up 33%.
The weather in South America remains a bit of a conundrum, too dry in the west of Argentina and too wet in southern Brazil and Uruguay. Brazil will continue to see heavy rainfall, as much as 16-inches, across the Center-West, Centre-South and the SE too, according to QT Weather.
Brazil popped up as a buyer in the USDA's weekly export sales for wheat, the US will be hoping that they might become a regular feature from now on.
Certainly they aren't getting much of a look in with the world's biggest wheat buyer Egypt. They've bought 240,000 MT of Russian/German wheat in a tender today.
Delivery intentions for corn have picked up a little from earlier in the week at 826 contracts, whilst wheat is a little lighter, although still plentiful, at 3,288 contracts.
Stats Canada say that all wheat production there was 26.515 MMT, nearly 2 MMT up on their last September estimate. Barley and rapeseed output estimates were also increased.
Reports from Australia continue to indicate that a succession of 30+ degree days through much of November followed by very heavy rains have caused some issues with yields and quality.
Early calls for this afternoon's CBOT session: corn called 2 to 4 higher; beans called 7 to 10 higher; wheat called 3 to 5 higher.
Where it will all end depends on funds and outside markets, support from crude has fallen away and fund activity has been confined to the beginning of the week recently. I'll call corn to end 3-5 lower, beans around unchanged to 4 higher and wheat 6-10 lower.