Overnight Markets
The overnight grains are up a little from last night's heavy losses with beans around 4-6 cents higher, and corn & wheat 1-2 cents firmer.
A weaker dollar and firmer crude oil lent a bit of support to the grains complex.
Although yesterday's USDA report was bullish for soybeans and corn, neither could hold onto early gains on Wednesday, dragged lower by the all too familiar doom & gloom mentality that is prevalent at the moment.
Talk of increased demand from the ethanol sector were backed up by the USDA yesterday cutting corn ending stocks due to a projected 100 million bushel increase in ethanol usage.
There are also strong suggestions that the US government will raise the limit on ethanol use in gasoline from 10% to nearer 15% sometime soon. That would certainly create more demand for corn.
Japan has bought 112,000mt of wheat in it's routine Thursday tender with 70,000mt of it being US origin.
Despite increased rain coverage and amounts this weekend Kansas and the majority of the HRW crop will see net drying for the week as well as next two weeks, according to Allen Motew of QT Weather.
Beneficial rainfall will cover Texas and the Gulf States during this same period while the Plains and Corn Belt see significant drying, which may be a good thing going into the Spring freeze-thaw period, he concludes.
A weaker dollar and firmer crude oil lent a bit of support to the grains complex.
Although yesterday's USDA report was bullish for soybeans and corn, neither could hold onto early gains on Wednesday, dragged lower by the all too familiar doom & gloom mentality that is prevalent at the moment.
Talk of increased demand from the ethanol sector were backed up by the USDA yesterday cutting corn ending stocks due to a projected 100 million bushel increase in ethanol usage.
There are also strong suggestions that the US government will raise the limit on ethanol use in gasoline from 10% to nearer 15% sometime soon. That would certainly create more demand for corn.
Japan has bought 112,000mt of wheat in it's routine Thursday tender with 70,000mt of it being US origin.
Despite increased rain coverage and amounts this weekend Kansas and the majority of the HRW crop will see net drying for the week as well as next two weeks, according to Allen Motew of QT Weather.
Beneficial rainfall will cover Texas and the Gulf States during this same period while the Plains and Corn Belt see significant drying, which may be a good thing going into the Spring freeze-thaw period, he concludes.