eCBOT Close, Early Call

eCBOT grains closed higher Wednesday, buoyed by a weak dollar and steady crude oil.

Soybeans finished the overnight session around 13-14 cents higher, with wheat up 9-10c and corn 4-5c firmer.

The dollar fell to two-month lows against the euro after the Fed slashed US interest rates to just 0.25%.

Crude oil is steady in the mid $40's/barrel ahead of an announcement from OPEC today which is expected to cut production by 2m barrels/day. Russia may also weigh in with a separate cut of up to 400,000 barrels/day of its own. The concerted move comes in an attempt to shore up prices which have fallen around 70% from their summer highs.

Extremely cold Arctic weather in the US Plains is threatening young wheat crops in Kansas, Oklahoma, Texas, Nebraska and Colorado.

Temperatures have fallen well below the freezing point and below zero degrees Fahrenheit in the Northern Plains, leading to worries some of the crop may have been killed off.

Taiwan bought 56,030mt US wheat overnight, Japan are expected to confirm a purchase of US/Canadian wheat today. Saudi Arabia are said to be tendering for 500,000mt wheat shortly, and Pakistan and Iraq are also in the market.

Dryness in Argentina is a problem at the moment, particularly for earlier planted corn. Heat is going to become notable as well. Temperatures in the low 90s returned to Argentina for this past Sunday and Monday, and there will be more of that right through the end of the coming weekend. In fact, by Sunday, highs could top 100 degrees in parts of their growing area.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 4 to 6 higher; soybeans 12 to 15 higher; wheat 8 to 10 higher.