Overnight Grains Lower
Overnight grains are lower on the eCBOT market this morning, with beans down 8-9c, wheat off 7-9c and corn 2-4c lower.
It's pretty much a case of same old, same old.
Global meltdown, firm dollar, declining stocks and crude, credit crisis, falling demand etc.
Wheat got a bit of a shot in the arm last night as Syria announced it was in the market for 200,000mt and Japan for 100,000mt, but frankly these amounts are a drop in the ocean compared to what wheat is kicking around the export market looking for a home.
Some of last nights strength was technical as December came within sight of the pivotal $5/bushel mark. The contract currently trades some 25c above that level.
It's pretty much a case of same old, same old.
Global meltdown, firm dollar, declining stocks and crude, credit crisis, falling demand etc.
Wheat got a bit of a shot in the arm last night as Syria announced it was in the market for 200,000mt and Japan for 100,000mt, but frankly these amounts are a drop in the ocean compared to what wheat is kicking around the export market looking for a home.
Some of last nights strength was technical as December came within sight of the pivotal $5/bushel mark. The contract currently trades some 25c above that level.
