eCBOT Close/Early Call

eCBOT grains futures bounced back from early losses to close firmer, as investors fled equities to crude and gold as a short-term safe haven amid global market unrest.

Wheat closed around 9c firmer, corn around 4-5c steadier and soybeans up around 12c.

Dollar weakness also helped grains as central banks pumped billions more U.S. dollars into troubled money markets.

In a statement, the Fed said it had authorized the expansion of swap lines, or reciprocal currency arrangements, with the other central banks, including amounts up to $110 billion by the ECB and up to $27 million by the Swiss National Bank.

The Fed also said new swap facilities had been authorized with the Bank of Japan for as much as $60 billion; $40 billion for the Bank of England and $10 billion for the Bank of Canada.

Crude is currently teetering just under the magical $100 mark at $99.26/barrel.

At 12.45pm the pound was $1.8232.

Early calls for this afternoon's session: Corn futures are expected to open 4 to 6 higher; soybeans 10 to 12 higher; wheat 8 to 10 higher.