Grains Firmer In Overnight Trade
eCBOT grains are firmer in overnight trade Wednesday morning, with beans up 14-16c, corn around 3c firmer and wheat up 1-2c.
Argentine weather is the main driving force, with temperatures this week 5 degrees Fahrenheit above normal, and set to climb further next week. The country is set for its warmest summer in 55 years, according to media reports.
Rains meanwhile continue sparse, mostly dry conditions with just a few light showers in the forecast Friday through to Sunday. Further ahead there is no more than an inch in the forecast through until the end of January.
Crude oil is a little firmer after Saudi Arabia announced that it would cut production by more than the OPEC mandate, in an effort to shore up prices. US stocks data due out later today will be closely watched.
China meanwhile continues to be an active buyer in the soybean market, purchasing 399,000mt of US beans Monday, according to the USDA.
Various tenders kicking around should ensure that weekly export sales released tomorrow show an improved performance from corn & wheat compared to last weeks lows.
The dollar is a little weaker against the pound and euro on speculation that retail sales & manufacturing data, due later, will show the recession worsening.
Argentine weather is the main driving force, with temperatures this week 5 degrees Fahrenheit above normal, and set to climb further next week. The country is set for its warmest summer in 55 years, according to media reports.
Rains meanwhile continue sparse, mostly dry conditions with just a few light showers in the forecast Friday through to Sunday. Further ahead there is no more than an inch in the forecast through until the end of January.
Crude oil is a little firmer after Saudi Arabia announced that it would cut production by more than the OPEC mandate, in an effort to shore up prices. US stocks data due out later today will be closely watched.
China meanwhile continues to be an active buyer in the soybean market, purchasing 399,000mt of US beans Monday, according to the USDA.
Various tenders kicking around should ensure that weekly export sales released tomorrow show an improved performance from corn & wheat compared to last weeks lows.
The dollar is a little weaker against the pound and euro on speculation that retail sales & manufacturing data, due later, will show the recession worsening.
