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Corn futures were 8 to 12 cents higher, soybeans 23 to 30 cents higher and Chicago wheat mostly 10 to 12 cents higher in overnight trade, bolstered by ideas that a Chinese aid package would boost demand.
China announced a stimulus package totaling $586 billion over two years. The plan would center on infrastructure projects - constructing new railways, subways and airports and to rebuild communities devastated by an earthquake in the southwest in May - with some $18 billion of it targeted for the final quarter of this year.
Early calls for this afternoons CBOT session will depend on the USDA crop production numbers and WASDE report due to be released at 13.30GMT.
The average pre-report guess puts the corn crop at 12.066 billion bu. and the soybean crop at 2.916 billion bushels. On the 2008-09 balance sheets, traders see corn carryover at 1.16 billion bu., soybean ending stocks at 189 million bu. and wheat carryover at 594 million bushels.
China announced a stimulus package totaling $586 billion over two years. The plan would center on infrastructure projects - constructing new railways, subways and airports and to rebuild communities devastated by an earthquake in the southwest in May - with some $18 billion of it targeted for the final quarter of this year.
Early calls for this afternoons CBOT session will depend on the USDA crop production numbers and WASDE report due to be released at 13.30GMT.
The average pre-report guess puts the corn crop at 12.066 billion bu. and the soybean crop at 2.916 billion bushels. On the 2008-09 balance sheets, traders see corn carryover at 1.16 billion bu., soybean ending stocks at 189 million bu. and wheat carryover at 594 million bushels.
