eCBOT Close/Early Call
eCBOT grains closed with heavy losses Monday, weighed down by uncertainty over the global economic outlook. Soybeans closed around 65-66c lower, with corn down around 23c and wheat 28-30c easier.
Bumper output forecasts and benign U.S. crop weather added to the grain markets' overall decline, with a minimum of delays seen for early harvest as only scattered areas were affected by light frost.
The dollar's strength is also making commodities less attractive.
Informa released a bearish crop production forecast Friday, pegging US 2008 corn output at 12.219 billion bushels, versus the USDA's current corn output estimate of 12.072 billion bushels. It also pegged the U.S. 2008 soybean crop at 3.001 billion bushels, higher than the USDA's latest forecast of 2.934 billion.
On the wheat market, better weather further pressed the grain, already under pressure from concerns of lower demand due to the global credit squeeze and an economic slowdown.
Widespread rains over the farming belt in Argentina, the world's No. 4 wheat supplier, have improved the outlook for some 2008/09 wheat fields, the Buenos Aires Grains Exchange said on Friday.
Crude oil was also a bearish influence, breaking through $90/barrel for the first time since early February.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 20 to 25 lower; soybeans 60 to 65 lower; wheat 25 to 30 lower.
Bumper output forecasts and benign U.S. crop weather added to the grain markets' overall decline, with a minimum of delays seen for early harvest as only scattered areas were affected by light frost.
The dollar's strength is also making commodities less attractive.
Informa released a bearish crop production forecast Friday, pegging US 2008 corn output at 12.219 billion bushels, versus the USDA's current corn output estimate of 12.072 billion bushels. It also pegged the U.S. 2008 soybean crop at 3.001 billion bushels, higher than the USDA's latest forecast of 2.934 billion.
On the wheat market, better weather further pressed the grain, already under pressure from concerns of lower demand due to the global credit squeeze and an economic slowdown.
Widespread rains over the farming belt in Argentina, the world's No. 4 wheat supplier, have improved the outlook for some 2008/09 wheat fields, the Buenos Aires Grains Exchange said on Friday.
Crude oil was also a bearish influence, breaking through $90/barrel for the first time since early February.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 20 to 25 lower; soybeans 60 to 65 lower; wheat 25 to 30 lower.