eCBOT Close, Early Call
Grains closed the overnight eCBOT session posting strong gains on ideas that prices have now fallen sufficiently low to stimulate demand.
Soybeans closed with gains of around 34-36c, with corn up around 10c and wheat 7c firmer.
Strong export numbers released by the USDA Friday appear to confirm that demand is finally picking up.
Soybean sales came in well above trade expectations at 1.028 MMT, 71 percent above the previous week and nearly double the prior 4-week average. Increases were primarily for unknown destinations (421,500 MT) and China (189,400 MT).
Corn and wheat sales were also strong at 975,200 MT and 435,600 MT respectively.
Crude oil was also higher overnight, up around 42 to over $74/barrel, having fallen below $70 at the end of last week. OPEC may decide to cut production when it meets in Vienna Oct 24th analysts say, citing a reduction in output of 1-2m barrels/day.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 8 to 10 higher; soybeans 30 to 35 higher; wheat 5 to 8 higher.
Soybeans closed with gains of around 34-36c, with corn up around 10c and wheat 7c firmer.
Strong export numbers released by the USDA Friday appear to confirm that demand is finally picking up.
Soybean sales came in well above trade expectations at 1.028 MMT, 71 percent above the previous week and nearly double the prior 4-week average. Increases were primarily for unknown destinations (421,500 MT) and China (189,400 MT).
Corn and wheat sales were also strong at 975,200 MT and 435,600 MT respectively.
Crude oil was also higher overnight, up around 42 to over $74/barrel, having fallen below $70 at the end of last week. OPEC may decide to cut production when it meets in Vienna Oct 24th analysts say, citing a reduction in output of 1-2m barrels/day.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 8 to 10 higher; soybeans 30 to 35 higher; wheat 5 to 8 higher.
