eCBOT Jumps On Weak Dollar
The overnight markets are sharply higher this morning after the dollar fell sharply late on news of a new $1.2 trillion stimulus package from the Fed.
In what some are describing this morning as a "Ramboesque" move, the Fed stormed out of it's two-day meeting with all guns blazing.
The Dow Jones IA got a boost, almost hitting 200 points up at one stage, although late profit-taking saw it close 90 points higher.
The dollar slumped on the news, falling to fresh two-month lows against the euro, and it is that dollar weakness that is behind firmer eCBOT grains this morning.
Beans are currently around 26 cents higher, corn up around 9c and wheat 12 cents firmer.
Beans are also aided by news ideas that Argentine farmers may restart blockading roads again if they get short shrift at Congress later today.
“Farmers in the provinces are ready and new blockades could start tomorrow,” one farm leader told reporters yesterday.
Whilst US wheat on the Plains remains under threat from a largely warm & dry outlook, there is some trade concern that too many traditional export orders that the US would normally pick up are going to Russia.
They've picking up some decent orders from Egypt and Syria this past few days at levels around $165 (GBP116-118).
Corn continues to tread water, waiting for some guidance from the USDA when it releases it's 2009 planting intentions report on March 31.
Crude oil is firmer at around $49/barrel on hopes that the US stimulus package will boost demand from the world's largest consumer, the US. That is despite yesterday's Energy Dept report showing that US inventories rose 2 million barrels last week, twice what the market had been anticipating.
In what some are describing this morning as a "Ramboesque" move, the Fed stormed out of it's two-day meeting with all guns blazing.
The Dow Jones IA got a boost, almost hitting 200 points up at one stage, although late profit-taking saw it close 90 points higher.
The dollar slumped on the news, falling to fresh two-month lows against the euro, and it is that dollar weakness that is behind firmer eCBOT grains this morning.
Beans are currently around 26 cents higher, corn up around 9c and wheat 12 cents firmer.
Beans are also aided by news ideas that Argentine farmers may restart blockading roads again if they get short shrift at Congress later today.
“Farmers in the provinces are ready and new blockades could start tomorrow,” one farm leader told reporters yesterday.
Whilst US wheat on the Plains remains under threat from a largely warm & dry outlook, there is some trade concern that too many traditional export orders that the US would normally pick up are going to Russia.
They've picking up some decent orders from Egypt and Syria this past few days at levels around $165 (GBP116-118).
Corn continues to tread water, waiting for some guidance from the USDA when it releases it's 2009 planting intentions report on March 31.
Crude oil is firmer at around $49/barrel on hopes that the US stimulus package will boost demand from the world's largest consumer, the US. That is despite yesterday's Energy Dept report showing that US inventories rose 2 million barrels last week, twice what the market had been anticipating.
