Overnight Grains Markets Suddenly Remember How To Go Up

Overnight grains are sharply higher Tuesday morning with beans up around 48-50c, wheat up 16-17c and corn 17-18c firmer.

Speculation that the lowest prices in 12 months will slow farmer sales and spur export interest have supported grains the last two sessions.

Wheat has now fallen around 60%, corn 50% and soybeans 43% from record highs set in the spring/early summer.

US soybean export inspections were well above expectations yesterday, which also follows a very strong number the previous week.

The Baltic Dry Index yesterday fell to its lowest levels since 2002, which is also encouraging market participants that that too will help stimulate exports.

One to watch for later...The National Agriculture Statistics Service, a unit of the USDA, will release a revised October crop-production report today with corrected acreage estimates. The USDA didn't provide further details about the report, which will be released at 8:30 a.m. in Washington. The original report was released Oct. 10.