Overnight Grains Volatile

Grains markets on the overnight eCBOT session have already seen some wild swings this morning, with Nov soybeans trading in a range of 28 1/2c lower to 22 1/4c higher by 9am BST.

Soybeans and corn plunged in early trade on follow-through momentum from Friday nights limit down close and uncertainty over the global credit crisis.

However, as the European market started to open, ideas that the widespread rescue packages announced by governments and central banks across the weekend would stave off the worst, saw futures recover into positive territory.

The USDA came out with some very bearish numbers for corn, soybeans and wheat Friday. Add that to the world economic woes and it's hardly surprising prices were well down Friday and early Monday.

However, some confidence returned as Asian stocks rebounded from the worst week since at least 1987 after Australia guaranteed bank deposits and European leaders agreed to support lenders in a global effort to end the credit crisis.

Egypt said it had bought 265,000 metric tons of wheat at a tender on Oct. 11. Of the total, the country purchased 120,000 tons from the U.S. and the rest from Russia, said GASC.

At 9am BST soybeans were 18-22c higher, with corn up around a cent and wheat 6-12c firmer. November crude was nearly $4 higher at $81.43/barrel.