USDA announces Wednesday that China bought 120,000 metric tons of U.S. soybeans for 2011-12 delivery.
News, Noise & Notes:
--There is all kinds of bearish wheat news today. Ukraine exported 11.6 mmt of grain in July-January period. Of which, 6.0 mmt of it was corn and the rest wheat and barley.
--Russia's grain exports are up 80% on-year at 19.0 mmt.
--Western Australia is expecting a record wheat output at 15.0 mmt. That would make Australia's wheat output at 30.0 mmt.
--Japan seeks 300,000 mt of of feed wheat, barley.
--China may have booked a few cargoes of U.S. soybeans yesterday, one analyst says.
--Is it just me or are a lot of people talking about a possible drought, this year, in the Midwest? I'm hearing this kind of talk and stories of seed companies telling farmers they won't be able to get full orders of their preferred seed. Am I exaggerating this or are others hearing this same weather and seed talk?
Early calls: Corn 7-9 cents higher, soybeans 6-8 cents higher, and wheat 9-11 cents higher.
Trackers: Overnight grain, soybean markets=Trading higher. Crude Oil=$0.62 per barrel higher. Dollar=Lower. Wall Street=Seen trading higher as investors await ADP's U.S. national employment report and a construction spending report this morning.
World Markets=Asia/Pacific stocks trade mostly higher. Europe stocks are higher.
Welcome to February! It's the month that determines crop insurance rates!