Overnight markets
Corn is up overnight on speculation that recent losses have been overdone, and supported by a late surge in crude last night. There is also an element of position squaring ahead of this afternoons USDA report. Corn is around 7-8c firmer this morning.
Beans are 6-7c firmer this morning ahead of the USDA report. Many traders reckoning that the USDA report is more likely to be bullish on beans that anything else. The spectre of more disruption by Argy farmers will help support what is an already tight old-crop supply situation.
Wheat is around 8c firmer, correcting recent losses. Recent favourable weather and mid-harvest evidence points to the possibility of the USDA raising it's US wheat output figures this afternoon.
Crude wants keeping an eye on as well after jumping $5/barrel in late trade last night. On the bullish side there we have the threat of a Brazilian oil workers strike plus the usual Middle East tensions centring on Iran and the old chestnut of Nigerian unrest.
Beans are 6-7c firmer this morning ahead of the USDA report. Many traders reckoning that the USDA report is more likely to be bullish on beans that anything else. The spectre of more disruption by Argy farmers will help support what is an already tight old-crop supply situation.
Wheat is around 8c firmer, correcting recent losses. Recent favourable weather and mid-harvest evidence points to the possibility of the USDA raising it's US wheat output figures this afternoon.
Crude wants keeping an eye on as well after jumping $5/barrel in late trade last night. On the bullish side there we have the threat of a Brazilian oil workers strike plus the usual Middle East tensions centring on Iran and the old chestnut of Nigerian unrest.
