eCBOT Close, Early Call
The overnights closed sharply higher with soybeans leading the way up 28-29 cents nearby as Argentine farmers launch a one-week strike in protest against the soy-tax. Wheat closed the ECBOT session 10-12 cents higher with corn up around 7 cents.
Beans advanced to a 5-week high, after posting their biggest weekly advance this year last week, supported by ideas that the Argy strike will push some export interest towards the US and away from South America.
Treasury Secretary, Timothy Geithner is set to give some more specific details of government plans to pump up to $1 trillion mopping up more toxic US assets later today. The Fed also announced a package to buy back Treasury bonds last week.
Whilst all that is keeping the dollar weak, supporting US grains, it is also raising fears of inflation somewhere down the line. Ag commodities are beginning to be viewed as one of the better bets to make as a hedge against rising inflation.
HRW areas of the US still remain threatened by drought after another week of above average temperatures and minimal rainfall.
Chinese soybean imports jumped 61% on a year ago to 3.26mmt in February.
The USDA confirmed 110,000mt of corn sold to South Korea.
Hot and dry conditions in Argentina over the last fortnight are seen cutting final soybean and corn output in the country.
Crude oil advanced to its highest level in almost four months, hitting an intra-day high of $52.13/barrel.
Early calls for this afternoon's CBOT session: July corn called 6 to 8 cents higher; July soybeans called 25 to 30 cents higher; July CBOT wheat called 8 to 10 cents higher.
Beans advanced to a 5-week high, after posting their biggest weekly advance this year last week, supported by ideas that the Argy strike will push some export interest towards the US and away from South America.
Treasury Secretary, Timothy Geithner is set to give some more specific details of government plans to pump up to $1 trillion mopping up more toxic US assets later today. The Fed also announced a package to buy back Treasury bonds last week.
Whilst all that is keeping the dollar weak, supporting US grains, it is also raising fears of inflation somewhere down the line. Ag commodities are beginning to be viewed as one of the better bets to make as a hedge against rising inflation.
HRW areas of the US still remain threatened by drought after another week of above average temperatures and minimal rainfall.
Chinese soybean imports jumped 61% on a year ago to 3.26mmt in February.
The USDA confirmed 110,000mt of corn sold to South Korea.
Hot and dry conditions in Argentina over the last fortnight are seen cutting final soybean and corn output in the country.
Crude oil advanced to its highest level in almost four months, hitting an intra-day high of $52.13/barrel.
Early calls for this afternoon's CBOT session: July corn called 6 to 8 cents higher; July soybeans called 25 to 30 cents higher; July CBOT wheat called 8 to 10 cents higher.
