eCBOT Close/Early Call
eCBOT grain futures closed higher Wednesday supported by a weaker dollar, a stronger crude oil market, and various South American concerns.
Corn closed around 5-6c firmer, with nearby September wheat up 8 1/4c and soybeans up around 18-19c.
The dollar is lower taking a breather from recent steep gains against the pound and euro.
The crude oil market is steady on news that Hurricane Gustav is expected to hit the Gulf of Mexico this weekend. Gustav has the potential to grow to a Category 4 hurricane with winds of at least 131 miles per hour by the time it enters the Gulf say analysts.
Offshore oil fields in the Gulf of Mexico accounted for 26 percent of total U.S. crude production according to the EIA.
Parts of Argentina are currently facing the worst drought in 40 years, Oil World said yesterday. This will threaten the recently planted wheat crop and may also impact on corn and soybean plantings for next season.
In addition there are concerns over crop plantings in Brazil as the government cuts aid to farmers who can't prove that their land was obtained legally.
Early calls for this afternoon's CBOT session are for corn futures are expected to open 5 to 6 higher; soybeans 15 to 20 higher; and wheat 4 to 6 higher.
Corn closed around 5-6c firmer, with nearby September wheat up 8 1/4c and soybeans up around 18-19c.
The dollar is lower taking a breather from recent steep gains against the pound and euro.
The crude oil market is steady on news that Hurricane Gustav is expected to hit the Gulf of Mexico this weekend. Gustav has the potential to grow to a Category 4 hurricane with winds of at least 131 miles per hour by the time it enters the Gulf say analysts.
Offshore oil fields in the Gulf of Mexico accounted for 26 percent of total U.S. crude production according to the EIA.
Parts of Argentina are currently facing the worst drought in 40 years, Oil World said yesterday. This will threaten the recently planted wheat crop and may also impact on corn and soybean plantings for next season.
In addition there are concerns over crop plantings in Brazil as the government cuts aid to farmers who can't prove that their land was obtained legally.
Early calls for this afternoon's CBOT session are for corn futures are expected to open 5 to 6 higher; soybeans 15 to 20 higher; and wheat 4 to 6 higher.
