Future Broker / Grain News and Calls

WHEAT – Up 12 to 15 cents per bushel.
Prospects for Russia to import grains following the worst
drought on record lifting wheat prices.
* Concern about dry weather in western Australia adds
support.
* Dry, cold weather hampers Argentine wheat – gov’t.
* EU wheat lifted by export demand, more German rain.
* Russian grain crop down 38 percent so far – Dep AgMin.
* Russia grain stocks up on year by July 31, wheat down.
* Stress to summer crops in Russia is easing amid cooler
temperatures and by some rainfall. More showers expected over
the next five days, which will help replenish soil moisture for
planting crops in northern areas.
* Large specs add to net longs in CBOT wheat – CFTC.

CORN – Up 1 to 2 cents per bushel.
Support from soaring wheat, and also from reports that 2010
U.S. corn production potential may not be as big as earlier
expected. Analysts on Friday said the U.S. government likely
overstated the size of this year’s corn crop in its August crop
report.
* Rainfall late last week and over weekend in U.S. Midwest
helped boost crop prospects, but also may have led to flooding
and some harm to crops in low-lying areas. There is a slight
chance for additional rain over the next 10 days.
* Analysts expect USDA to report U.S. corn condition
ratings at 68 percent good/excellent, down 1 percentage point
from the previous week.
* U.S. exporters sell 105,054 tonnes U.S. corn to Japan for
2010/11 delivery – USDA.
* Large specs boost net longs in CBOT corn – CFTC.
* U.S. cash corn basis steady in interior Midwest; easier
at river locations.