Overnight Grains Dragged Lower By Outside Markets
eCBOT grains are lower Tuesday, dragged down by the ailing stock market, the AIG and Lehman woes and sharply lower crude oil.
Reports that the Fed are baulking at bailing out AIG with a huge and risky loan and are encouraging it to seek help elsewhere, following on from yesterday's Lehman news has given the market a severe case of the jitters.
Goldman Sachs and JPMorgan are said to be working with AIG to determine how much the New York-based insurer needs.
Crude oil fell below $92/barrel overnight on fears of a world recession.
At 9.15am London time corn was around 16c lower, soybeans 31-32c lower and wheat down 11-12c.
The Fed may cut its target rate for overnight lending between banks by a quarter point to 1.75 percent later today, futures trading showed. Contracts on the Chicago Board of Trade put the odds on a rate cut at 68 percent, compared with zero odds a week ago.
Reports that the Fed are baulking at bailing out AIG with a huge and risky loan and are encouraging it to seek help elsewhere, following on from yesterday's Lehman news has given the market a severe case of the jitters.
Goldman Sachs and JPMorgan are said to be working with AIG to determine how much the New York-based insurer needs.
Crude oil fell below $92/barrel overnight on fears of a world recession.
At 9.15am London time corn was around 16c lower, soybeans 31-32c lower and wheat down 11-12c.
The Fed may cut its target rate for overnight lending between banks by a quarter point to 1.75 percent later today, futures trading showed. Contracts on the Chicago Board of Trade put the odds on a rate cut at 68 percent, compared with zero odds a week ago.