Overnight Grains

Grains are firmer on the overnight eCBOT market on news that the forecast weekend wintry conditions in the US were more severe than originally anticipated, and sub-zero lows are forecast to last at least until the middle of the week.

Winter wheat crops emerging from dormancy are at risk from winterkill as temperatures fall as much as 24 degrees below normal, this comes after a warmer than normal March "fooled" wheat into thinking spring had arrived early.

Freezing rain and snow will also keep farmers out of their fields, delaying spring planting of corn.

Soybeans continue to benefit from last week's acreage numbers. With spring plantings forecast up only 300,000 acres from last year to 76 million acres. While this will be the most acres of soybeans ever planted in the United States, industry participants were expecting 79.25 million acres.

Meanwhile US soybean exports are projected for a record 1.225 billion bushels in 2009/10, the Agriculture Department chief economist, Joe Glauber, said last week.

Outside markets are also supportive, with Japan's Nikkei closing at a three month high Monday, crude oil almost a dollar firmer and the US dollar lower across the board.

At 9.15BST soybeans were around 10-12 cents firmer, wheat up around 5-6 cents and corn 1-2 cents higher.