eCBOT Close - Wheat hits one year low

eCBOT grains futures closed lower on the overnight session with beans ending around 25c lower, wheat down 15c and corn 10c lower.

Wheat hit a one year low as the dollar advanced, reducing demand for U.S. supplies, and as expectations of increased production weighed on prices.

Wheat declined as the dollar renewed its upwards momentum after the U.S. government took over Fannie Mae and Freddie Mac, boosting confidence in the world's largest economy. Corn and soybeans also fell as oil's decline eroded the appeal for the crops as alternative fuel.

U.S. wheat inspected for export fell 31 percent to 21.4 million bushels in the week ended Sept. 4 from a week earlier, the U.S. Department of Agriculture said yesterday.

Meanwhile global stockpiles will increase 18 percent to 136.2 million tons in the current marketing year, the USDA said recently.

The dollar traded at $1.4158 against the euro at 12:20 p.m. in London after touching $1.4047, the strongest since Oct 2007. Crude oil for October delivery fell as much as 1.5 percent to $104.77 a barrel and last traded at $105.23.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 8 to 10 lower; soybeans 22 to 25 lower; wheat 10 to 15 lower.