Overnight grains: higher on follow through momentum

eCBOT grains are higher this morning on follow through buying from last night's limit gains.

Corn is around 8-10c firmer, soybeans up 10-17c and wheat up 12-14c.

Corn appears to have hit a floor around $5/bushel and is moving higher on ideas that lower prices have stimulated demand.

South Korea, the world's third- biggest corn importer, is to buy up to 155,000 metric tons of U.S. corn for feed production in its first purchase of the grain in almost five months after corn prices declined.

The Korea Feed Association, the country's largest grain buying group, issued a tender to buy as much as 110,000 tons today, following a 45,000-ton purchase yesterday by a smaller importer, industry officials said.

The entire complex is also supported by broad=based commodity buying with crude oil closing firmer at $116/barrel last night and following through to trade at $116.72/barrel this morning.

Soybean supplys remain tight and the late-planted crop is going to be vulnerable to any weather scares between now and harvest.

Wheat is steadier on spillover strength from beans and corn. Traders will be looking to this afternoon's USDA weekly export sales report to maintain recent export pace.