eCBOT Close/Early Call
eCBOT futures slumped again in the overnight market with soybeans closing with losses of 7 1/4 to 10 1/4 cents. Wheat was down 2 1/2 to 6 1/4 cents, with corn around 3 cents easier.
Falling crude oil was the main driving force again, with futures dipping below $46/barrel, close to 4 year lows. In addition metals skidded by their daily limits in Asia on continued worries that the global economic recession would dampen commodities demand.
Whilst that may well be true for commodities used to make mobile phones or plasma TV's, the same principle doesn't hold quite as true with food products, but there you go, you have to go with the flow.
Rains in Argentina have probably come too late to help the wheat crop there, but will certainly be beneficial for soybeans and corn.
The tail-end of the US corn crop is being hampered by snow and rain.
The Australian wheat harvest continues to be hampered by rain. There will certainly be less milling wheat down under than originally anticipated.
Morocco is tendering today for 300,000mt optional origin soft wheat. China may look to import more US or Australian wheat in the new year as those prices are more competitive than on the domestic market, analysts say.
Early calls for this afternoon's CBOT session: Corn futures are expected to be 2 to 4 lower; soybeans 7 to 10 lower; wheat 3 to 5 lower.
Falling crude oil was the main driving force again, with futures dipping below $46/barrel, close to 4 year lows. In addition metals skidded by their daily limits in Asia on continued worries that the global economic recession would dampen commodities demand.
Whilst that may well be true for commodities used to make mobile phones or plasma TV's, the same principle doesn't hold quite as true with food products, but there you go, you have to go with the flow.
Rains in Argentina have probably come too late to help the wheat crop there, but will certainly be beneficial for soybeans and corn.
The tail-end of the US corn crop is being hampered by snow and rain.
The Australian wheat harvest continues to be hampered by rain. There will certainly be less milling wheat down under than originally anticipated.
Morocco is tendering today for 300,000mt optional origin soft wheat. China may look to import more US or Australian wheat in the new year as those prices are more competitive than on the domestic market, analysts say.
Early calls for this afternoon's CBOT session: Corn futures are expected to be 2 to 4 lower; soybeans 7 to 10 lower; wheat 3 to 5 lower.
