eCBOT Close/Early Call
Overnight grains closed lower on the eCBOT market with soybeans around 22c easier, corn 5-6c weaker and wheat down around 4c.
Outside influences dominated the overnight session, with crude dipping below $60/barrel and Asian and European stock markets falling.
China's much-lauded $586 billion stimulus package and the USDA crop production report are already yesterday's news.
There is, in reality, no evidence that a global economic recession will or can be averted. There is no evidence of increased consumption from China, particularly for food products.
The targets for the Chinese package are said to be low income housing, water, electricity, disaster relief, and railways. I don't see that increasing demand for US soybeans or corn do you?
Demand for freight is still through the floor with the Baltic Dry Index hovering around the 820 mark, 93% down from its May high.
A stronger dollar will do little to aid US exports, although Japan is tendering today for 100,000mt wheat.
Early calls for this afternoons CBOT session: Corn futures are expected to open 5 to 8 lower; soybeans 20 to 25 lower; wheat 3 to 5 lower.
Outside influences dominated the overnight session, with crude dipping below $60/barrel and Asian and European stock markets falling.
China's much-lauded $586 billion stimulus package and the USDA crop production report are already yesterday's news.
There is, in reality, no evidence that a global economic recession will or can be averted. There is no evidence of increased consumption from China, particularly for food products.
The targets for the Chinese package are said to be low income housing, water, electricity, disaster relief, and railways. I don't see that increasing demand for US soybeans or corn do you?
Demand for freight is still through the floor with the Baltic Dry Index hovering around the 820 mark, 93% down from its May high.
A stronger dollar will do little to aid US exports, although Japan is tendering today for 100,000mt wheat.
Early calls for this afternoons CBOT session: Corn futures are expected to open 5 to 8 lower; soybeans 20 to 25 lower; wheat 3 to 5 lower.
