Overnight Grains
Soybean futures are higher on the eCBOT overnight session, following a sharply higher close on the Chinese Dalian market Monday.
China was higher as the government continues it's program to bolster domestic grain prices by buying heavily on the domestic market. This in turn may lead to improved demand for US soybeans as Chinese crushers and feed mills turn to the US for cheaper supplies.
A steadier tone to the crude oil market, after the January contract took a pasting late last week as long holders got squeezed ahead of Friday's expiry date, is lending some support.
So too is the US automakers bailout and pre-holiday short-covering.
By 10.30GMT soybeans were around 15c higher, with corn up 2-4c and wheat flat.
China was higher as the government continues it's program to bolster domestic grain prices by buying heavily on the domestic market. This in turn may lead to improved demand for US soybeans as Chinese crushers and feed mills turn to the US for cheaper supplies.
A steadier tone to the crude oil market, after the January contract took a pasting late last week as long holders got squeezed ahead of Friday's expiry date, is lending some support.
So too is the US automakers bailout and pre-holiday short-covering.
By 10.30GMT soybeans were around 15c higher, with corn up 2-4c and wheat flat.
