Overnight Grains Lower
The overnight eCBOT market is lower this morning on a resurgent dollar and lower crude oil markets.
Oil fell below USD105 in overnight trade on a belief that OPEC will not resolve to cut production in the wake of falling prices at its meeting in Vienna starting today.
The US bailout of troubled mortgage companies Fannie & Freddie is seen as beneficial to the US economy so the dollar has regained its upward momentum and is at $1.7588 against the pound.
The USDA left corn & soybean crop conditions unchanged in the good/excellent category overnight at 61% for corn and 57% for soybeans.
The US spring wheat harvest was 87% complete, down from 97% complete in 2007 and the 90% average.
At 8.50am London time eCBOT corn was 11-12c lower, with soybeans down 18-22c and wheat 10-18c lower.
October crude was 52c lower at $105.82/barrel.
Oil fell below USD105 in overnight trade on a belief that OPEC will not resolve to cut production in the wake of falling prices at its meeting in Vienna starting today.
The US bailout of troubled mortgage companies Fannie & Freddie is seen as beneficial to the US economy so the dollar has regained its upward momentum and is at $1.7588 against the pound.
The USDA left corn & soybean crop conditions unchanged in the good/excellent category overnight at 61% for corn and 57% for soybeans.
The US spring wheat harvest was 87% complete, down from 97% complete in 2007 and the 90% average.
At 8.50am London time eCBOT corn was 11-12c lower, with soybeans down 18-22c and wheat 10-18c lower.
October crude was 52c lower at $105.82/barrel.
