Overnight Market Developments
eCBOT futures are lower across the board as crude oil dives to it's lowest levels since 2004.
Soybeans are 4-5c easier, with corn down 6c and wheat around 10c lower.
With crude it seems to be a case of buy the rumour, sell the fact. Despite OPEC announcing it's largest production cut in a decade prices fell below $36/barrel in late trade last night and currently stand at $36.65.
The grains sector continues to do it's best to distance itself from crude, which has fallen an astonishing 33% this month alone.
Corn could be the biggest loser in all of this, if the US ethanol industry wasn't able to stand on it's own two feet at $147/barrel, what chance has it got now?
Year-end holiday demand is helping support the Chinese market, who were featured buyers of soybeans in yesterday's USDA export sales report.
The dollar consolidated modest gains during Asian trading that were made Thursday in New York on the back of the decision by the ECB to cut the rate on deposits with the central bank. The Bank of Japan cut rates by 20 points overnight to 0.10%.
Reports suggest that GM and Chrysler will get aid from the Bush administration as soon as today. The loans are likely to be sufficient to keep them afloat until March, effectively passing the buck to Barak Obama, sources say.
Camera-maker Polaroid has filed for US Chapter 11 bankruptcy protection amid allegations of fraud by the founder of its parent group.
Soybeans are 4-5c easier, with corn down 6c and wheat around 10c lower.
With crude it seems to be a case of buy the rumour, sell the fact. Despite OPEC announcing it's largest production cut in a decade prices fell below $36/barrel in late trade last night and currently stand at $36.65.
The grains sector continues to do it's best to distance itself from crude, which has fallen an astonishing 33% this month alone.
Corn could be the biggest loser in all of this, if the US ethanol industry wasn't able to stand on it's own two feet at $147/barrel, what chance has it got now?
Year-end holiday demand is helping support the Chinese market, who were featured buyers of soybeans in yesterday's USDA export sales report.
The dollar consolidated modest gains during Asian trading that were made Thursday in New York on the back of the decision by the ECB to cut the rate on deposits with the central bank. The Bank of Japan cut rates by 20 points overnight to 0.10%.
Reports suggest that GM and Chrysler will get aid from the Bush administration as soon as today. The loans are likely to be sufficient to keep them afloat until March, effectively passing the buck to Barak Obama, sources say.
Camera-maker Polaroid has filed for US Chapter 11 bankruptcy protection amid allegations of fraud by the founder of its parent group.
