eCBOT Close/Early Call
eCBOT grains closed lower Wednesday, consolidating fro recent gains. Beans and wheat ended the overnight session with losses of around 7-8 cents, with corn around 3-4 cents lower.
Most active March beans pushed to three month highs yesterday, breaching through $10/bushel to close at $10.16/bu. Despite overnight selling pressure, March managed to hold above the $10/bu mark finishing at $10.08 3/4 after getting as low as $10.02 at one stage.
Crude is a fraction lower, but underpinned by the Middle East situation and Russia and it's gas shenanigans.
Japan has bought 176,000mt optional origin barley and 11,000mt optional origin wheat overnight. South Korea bought 45,000mt Brazilian corn.
Japan is also expected to conclude a tender deal for US and Canadian wheat tomorrow.
The dollar is down on poor jobs data, with the pound hitting $1.51 as I type.
Weather in Argentina and southern Brazil remains as serious concern, although there could finally be some relief in sight over the next few days for central & northern Argentina.
Informa yesterday dropped it's Brazilian soybean output estimate for 2009 by 1mmt to 59mmt.
The funds are back in town too, if only cautiously.
Early calls are lower in line with the overnight markets: Corn futures are expected to open 2 to 3 lower, soybeans 5 to 7 lower and wheat 6 to 8 lower.
Most active March beans pushed to three month highs yesterday, breaching through $10/bushel to close at $10.16/bu. Despite overnight selling pressure, March managed to hold above the $10/bu mark finishing at $10.08 3/4 after getting as low as $10.02 at one stage.
Crude is a fraction lower, but underpinned by the Middle East situation and Russia and it's gas shenanigans.
Japan has bought 176,000mt optional origin barley and 11,000mt optional origin wheat overnight. South Korea bought 45,000mt Brazilian corn.
Japan is also expected to conclude a tender deal for US and Canadian wheat tomorrow.
The dollar is down on poor jobs data, with the pound hitting $1.51 as I type.
Weather in Argentina and southern Brazil remains as serious concern, although there could finally be some relief in sight over the next few days for central & northern Argentina.
Informa yesterday dropped it's Brazilian soybean output estimate for 2009 by 1mmt to 59mmt.
The funds are back in town too, if only cautiously.
Early calls are lower in line with the overnight markets: Corn futures are expected to open 2 to 3 lower, soybeans 5 to 7 lower and wheat 6 to 8 lower.