eCBOT Close/Early Call
eCBOT grains closed mixed, mostly lower, in the first overnight session of 2009, with wheat down 11-13c, corn 5-6c easier and soybeans around a cent firmer.
All three commodities staged something of a revival in December, having earlier dropped steeply from all-time highs set earlier in the year.
It may take a week or so for traders to "get their feet back under the table" and access what they want to do in 2009.
As ever it looks like another interesting year.
For the near-term, the trade must decide how to weigh up the complexities of a variety of conflicting factors:
And in the medium term:
Early calls for this afternoon's CBOT session: Corn futures are expected to open 4 to 6 lower; soybeans 1 to 2 higher; wheat 10 to 13 lower.
All three commodities staged something of a revival in December, having earlier dropped steeply from all-time highs set earlier in the year.
It may take a week or so for traders to "get their feet back under the table" and access what they want to do in 2009.
As ever it looks like another interesting year.
For the near-term, the trade must decide how to weigh up the complexities of a variety of conflicting factors:
- The ongoing credit crisis
- The Middle East problems and the implications for crude oil prices
- South American weather concerns
- A strong dollar
And in the medium term:
- US spring plantings
- The demand for corn from the US ethanol sector
- Global crop weather, and the implications on yields
- If and/or when are the funds coming back into the market
Early calls for this afternoon's CBOT session: Corn futures are expected to open 4 to 6 lower; soybeans 1 to 2 higher; wheat 10 to 13 lower.