Overnight Markets
Are grains finally divorcing themselves from outside market influences, or is it just a temporary blip?
Last nights stronger close has been carried through into the overnight eCBOT market with beans up 10-18c, and corn and wheat both up around 7c.
"The gains we're seeing in soybeans and grains are in part driven by a perception in the market that Friday's USDA report will be friendly, especially for soybeans," said one analyst.
Anecdotal evidence seems to suggest that early harvested beans are generally yielding below expectations.
Traders are evening up positions ahead of tomorrows USDA report which may show U.S. crop yields fell more than expected after flooding in June and a dryness in August.
Last nights stronger close has been carried through into the overnight eCBOT market with beans up 10-18c, and corn and wheat both up around 7c.
"The gains we're seeing in soybeans and grains are in part driven by a perception in the market that Friday's USDA report will be friendly, especially for soybeans," said one analyst.
Anecdotal evidence seems to suggest that early harvested beans are generally yielding below expectations.
Traders are evening up positions ahead of tomorrows USDA report which may show U.S. crop yields fell more than expected after flooding in June and a dryness in August.
