9/3
Opening Call: Beans up 5 to 7-cents, corn down 1 to 2-cents, and wheat up 5 to 8-cents. Overnight session ended mixed with beans and wheat higher while corn ended modestly lower in a pick-up in volume from the previous night. Market lacks fresh news and clear direction as it heads into a long three-day holiday weekend. Wheat market was higher as Russia indicates it will ban exports till after the 2011 harvest. Beans were higher overnight on short covering with market net down for the week with crop still holding potential for record large production. Corn was nominally lower hitting technical resistance at December 2009 contract highs with some modest selling as harvest progresses. More private analyst production estimates to be released today. Allendale estimates corn yield at 162.3 bpa with production at 13.147 billion bushels and bean yield of 43.21 bpa with production estimated at 3.370 billion bushels. Informa will release its production estimates at 10:30 AM. Outside markets are higher with US payrolls falling less than expected in August. Grain markets will be closed Sunday night and Monday in observation of the Labor Day holiday. Trading will resume at 6 PM on Monday