CBOT Early Call
A lot of different factors to report ahead of this afternoon's Chicago open.
The story of the day has to be the dollar falling out of bed big-time following the Fed's decision to throw a further $1.2 trillion into the hat to buy treasuries and mortgage-related debt.
That news sent the dollar tumbling, losing around six cents against the pound for example compared to 24 hours ago.
A weaker dollar makes US exports more competitive, so eCBOT closed sharply higher across the board with beans leading the way around 30 cents higher, wheat up around 15 cents and corn up around 10.
Crude oil has leaped sharply, penetrating $50/barrel to hit its highest since Dec 1st despite stocks rising almost 2 million barrels yesterday.
The Dow is expected to trade higher on hopes that this latest windfall will finally have the desired effect.
I'm not convinced myself, this may just be a brief honeymoon period of feel-good-factor before depression & recession returns next week. If it takes that long.
The weekly export sales may have already put a bit of a dampner on things, with wheat, corn & beans all coming in below expectations. At least for beans exports are running ahead of year ago levels, wheat & corn continue to lag.
There's no further fresh news out of Argentina yet, but Roadblocks R Us could well be open for business over the weekend.
There are a few export tenders kicking around, South Korea has bought some US and also optional origin corn. Our old mates Japan bought some US wheat as they pretty much always do most weeks. Apart from that most of the other wheat sales this week have been optional origin or Russian.
Early calls for this afternoon's CBOT session: corn called 8 to 10 cents higher; soybeans called 25 to 30 cents higher; CBOT wheat called 10 to 15 cents higher.
The story of the day has to be the dollar falling out of bed big-time following the Fed's decision to throw a further $1.2 trillion into the hat to buy treasuries and mortgage-related debt.
That news sent the dollar tumbling, losing around six cents against the pound for example compared to 24 hours ago.
A weaker dollar makes US exports more competitive, so eCBOT closed sharply higher across the board with beans leading the way around 30 cents higher, wheat up around 15 cents and corn up around 10.
Crude oil has leaped sharply, penetrating $50/barrel to hit its highest since Dec 1st despite stocks rising almost 2 million barrels yesterday.
The Dow is expected to trade higher on hopes that this latest windfall will finally have the desired effect.
I'm not convinced myself, this may just be a brief honeymoon period of feel-good-factor before depression & recession returns next week. If it takes that long.
The weekly export sales may have already put a bit of a dampner on things, with wheat, corn & beans all coming in below expectations. At least for beans exports are running ahead of year ago levels, wheat & corn continue to lag.
There's no further fresh news out of Argentina yet, but Roadblocks R Us could well be open for business over the weekend.
There are a few export tenders kicking around, South Korea has bought some US and also optional origin corn. Our old mates Japan bought some US wheat as they pretty much always do most weeks. Apart from that most of the other wheat sales this week have been optional origin or Russian.
Early calls for this afternoon's CBOT session: corn called 8 to 10 cents higher; soybeans called 25 to 30 cents higher; CBOT wheat called 10 to 15 cents higher.
