Grain prices were set to open wheat in Chicago after a key report eased fears over the squeeze in world crop supplies, upgrading the world harvest to a record high. [More]

China, the second-largest corn producer, has started purchasing the grain from farmers for state reserves, said two trading executives and a government official familiar with the matter. [More]

Wheat prices were a bit weaker despite higher corn and beans. Prospects for a larger global wheat crop weigh heavily on the wheat market, while a tighter corn carryout and a net long fund position dictate upside pressure for corn as traders get bulled up ahead of tomorrow’s USDA WASDE report. Funds bought 7k corn and 3k soybeans, while selling 2k soft wheat. [More]

Morning Weather Report - December 9, 2011. [More]

Going Granular – December 9, 2011. The grain trade actually put in some decent trading volume ahead of the USDA report, likely casting its gaze toward very intriguing developments from the much-anticipated Euro summit, but the result was still a typical pre-USDA session. The Dec S&D is expected to be a quiet one, with the focus chiefly on weak corn & soy exports and strong corn use for ethanol. [More]

The United Nations highlighted the mounting use by livestock farmers of relatively-cheap wheat even as it raised estimates for world stocks of the grain, citing better-than-expected harvests. [More]

Morning Weather Report - December 8, 2011. [More]

Wheat traded lower on weak export demand as well as on a drop across commodities. The Argentine crop size has been raised and Australia should have plenty of feed grade wheat to supply to Southeast Asia. [More]

Going Granular – December 8, 2011. U.S. export sales are expected to be mostly mediocre again this morning, continuing a trend of slow export numbers and unrelenting foreign business; regarding trends on the charts, those are safely intact, as beans are clearly the leader with a neutral look thanks to S.A. weather concerns. [More]

Morning Weather Report - December 7, 2011. [More]