eCBOT Close/Early Call
Grains closed a volatile overnight eCBOT session mostly firmer on hopes that the weekend's rescue packages announced by assorted governments and central banks all over the world will stem the global economic slowdown.
Grains were boosted by crude oil after being battered Friday by bearish crop estimates and mounting concerns that the financial crisis may drag the global economy into a recession.
Crude was around $3 higher at $80.93/barrel at 12.45pm BST.
eCBOT soybeans closed around 15c higher, with corn up around 6c and wheat 16-18c higher.
"Prices have come down a long way from their highs, and I guess the market was also long overdue a technical rebound," one trader said.
Nov soybeans lost 8.3 percent last week and are down 44 percent from a record $16.3675 on July 3. In early eCBOT trade they set a fresh 13-month low.
Nov corn fell 10 percent last week and is 49 percent lower than the record $7.9925 on June 27. Nov wheat dipped as low as $5.5775 on Friday, the lowest since June 12, 2007. The price dropped 12 percent last week and is down 57 percent from a record $13.495 on Feb. 27.
Early calls for this afternoon's session are: Corn futures are expected to open 5 to 8 higher; soybeans 14 to 16 higher; wheat 15 to 18 higher.
Grains were boosted by crude oil after being battered Friday by bearish crop estimates and mounting concerns that the financial crisis may drag the global economy into a recession.
Crude was around $3 higher at $80.93/barrel at 12.45pm BST.
eCBOT soybeans closed around 15c higher, with corn up around 6c and wheat 16-18c higher.
"Prices have come down a long way from their highs, and I guess the market was also long overdue a technical rebound," one trader said.
Nov soybeans lost 8.3 percent last week and are down 44 percent from a record $16.3675 on July 3. In early eCBOT trade they set a fresh 13-month low.
Nov corn fell 10 percent last week and is 49 percent lower than the record $7.9925 on June 27. Nov wheat dipped as low as $5.5775 on Friday, the lowest since June 12, 2007. The price dropped 12 percent last week and is down 57 percent from a record $13.495 on Feb. 27.
Early calls for this afternoon's session are: Corn futures are expected to open 5 to 8 higher; soybeans 14 to 16 higher; wheat 15 to 18 higher.
