eCBOT Close/Early Call

eCBOT grain futures closed higher, reversing Friday's losses as Asian and European stock markets rebounded.

Soybeans closed around 22c firmer, with wheat up 16-17c and corn 12c higher.

Ideas that Chinese demand will support futures as the government there steps in to buy grains on the domestic market to help boost rural incomes, lent to the firmer tone.

With the Chinese government effectively supporting prices, crushers there may switch their attention to buying US soybeans, wheat and corn, analysts said.

The USDA confirmed Friday a sale of 110,000mt of US soybeans to China.

Crude oil is a little steadier, around $2 firmer at $42.75/barrel on the Obama factor, after the US president-elect pledged the biggest US public works program in 50 years to revive the economy at the weekend.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 8 to 13 higher; soybeans 20 to 25 higher; wheat 12 to 18 higher.