eCBOT Close

The overnight eCBOT market closed with strong gains as traders booked profits ahead of the USDA WASDE report due out at 13.30BST.

Beans closed 28-30c higher, corn up 6-7c and wheat 12-13c firmer.

The trade appears to be gambling on the USDA coming out with a lower crop estimate for soybeans.

Strength in beans spilled over into the other pits, and a modestly firmer crude oil market also helped add a bit of support.

Wheat was also aided by Rabobank lowering their Australian output estimate by 1MMT, ignoring Russia finding an extra 5MMT of grain to add to it's 2008 harvest.

All bets are off in an hour. Nogger will report back then with his own take on the USDA numbers and a late call on CBOT.