eCBOT Close/Early Call
eCBOT grains closed lower again on the overnight market, with beans ending the session with losses of around 5 cents, wheat down around 2 cents and corn 5-6 cents easier.
Still a plethora of bearish news continues to weigh on the market.
Corn and beans fell to 15-month lows and wheat hitting 18-month lows pressure by large global stocks and yesterday's disappointing export figures indicating that prices have not yet fallen enough to stimulate demand.
Despite the USDA reporting corn sales of 575,000mt to Mexico over the last few days, the malaise in the ethanol market has got traders back into the mindset that corn is just a feed ingredient after all. And with plenty of wheat and barley the world over corn needs to be priced to compete.
The Chinese government looks set to step up it's soybean buying on the local market to boost stocks and improve the rural economy. This may lead to some export business for the US to Chinese crushers.
In a similar vein, Chinese feed mills may also be in the market for wheat shortly, but with freight rates through the floor, the US will face stiff competition from Australia, Russia and beyond.
Pakistan is tendering for 500,000 wheat. Japan bought 72,000mt wheat.
Crude oil sits close to three year lows at $44.21/barrel.
Recession woes deepened and US stock markets slumped yesterday after the US Labor Department said the number of workers on jobless benefits hit a 26-year high last month.
Euopean stock markets are all lower at midday, with the FTSE down 0.91%, Germany's DAX down 2.59% and the French CAC40 down 2.75%.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 4 to 6 lower; soybeans 4 to 6 lower; wheat 2 to 4 lower.
Still a plethora of bearish news continues to weigh on the market.
Corn and beans fell to 15-month lows and wheat hitting 18-month lows pressure by large global stocks and yesterday's disappointing export figures indicating that prices have not yet fallen enough to stimulate demand.
Despite the USDA reporting corn sales of 575,000mt to Mexico over the last few days, the malaise in the ethanol market has got traders back into the mindset that corn is just a feed ingredient after all. And with plenty of wheat and barley the world over corn needs to be priced to compete.
The Chinese government looks set to step up it's soybean buying on the local market to boost stocks and improve the rural economy. This may lead to some export business for the US to Chinese crushers.
In a similar vein, Chinese feed mills may also be in the market for wheat shortly, but with freight rates through the floor, the US will face stiff competition from Australia, Russia and beyond.
Pakistan is tendering for 500,000 wheat. Japan bought 72,000mt wheat.
Crude oil sits close to three year lows at $44.21/barrel.
Recession woes deepened and US stock markets slumped yesterday after the US Labor Department said the number of workers on jobless benefits hit a 26-year high last month.
Euopean stock markets are all lower at midday, with the FTSE down 0.91%, Germany's DAX down 2.59% and the French CAC40 down 2.75%.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 4 to 6 lower; soybeans 4 to 6 lower; wheat 2 to 4 lower.
