eCBOT Close/Early Call
eCBOT grains closed sharply higher on hopes that US and Chinese financial stimulus packages may revive flagging demand for agricultural commodities.
It seems bizarre that soybeans close 22-23c higher on the back of what the US government may do for GM, Chrysler and Ford but there it is. Wheat closed 5-6c higher, and corn up 9-10c.
Asian shares struck a one-month high on hopes governments worldwide will bail out ailing industries and increase spending.
China, the world’s second-biggest corn producer, may issue as much as 5 million tons in corn export quotas to bolster rural incomes, traders said.
South Korea bought 55,000mt South American corn at $155.50 C&F and 55,000mt Ukraine feed wheat at $127.60 C&F overnight. The feed wheat purchase works out a little over GBP86 at current rates!
US Congress may push through a $15 bailout of the auto industry as soon as tonight.
Crude is higher ahead of next week's OPEC meeting, where some swingeing cuts to production are likely to be announced.
There may be some position squaring ahead of tomorrow's USDA S&D report. Corn usage from the ailing US ethanol industry may be downsized. Soybean exports could be raised according to trade whispers.
Early calls on this afternoon's CBOT session: Corn futures are expected to open 10 to 12 higher; soybeans 22 to 25 higher; wheat 5 to 7 higher.
It seems bizarre that soybeans close 22-23c higher on the back of what the US government may do for GM, Chrysler and Ford but there it is. Wheat closed 5-6c higher, and corn up 9-10c.
Asian shares struck a one-month high on hopes governments worldwide will bail out ailing industries and increase spending.
China, the world’s second-biggest corn producer, may issue as much as 5 million tons in corn export quotas to bolster rural incomes, traders said.
South Korea bought 55,000mt South American corn at $155.50 C&F and 55,000mt Ukraine feed wheat at $127.60 C&F overnight. The feed wheat purchase works out a little over GBP86 at current rates!
US Congress may push through a $15 bailout of the auto industry as soon as tonight.
Crude is higher ahead of next week's OPEC meeting, where some swingeing cuts to production are likely to be announced.
There may be some position squaring ahead of tomorrow's USDA S&D report. Corn usage from the ailing US ethanol industry may be downsized. Soybean exports could be raised according to trade whispers.
Early calls on this afternoon's CBOT session: Corn futures are expected to open 10 to 12 higher; soybeans 22 to 25 higher; wheat 5 to 7 higher.
