eCBOT Close, Early Call
The overnight eCBOT market closed firmer with soybeans up 13-15 cents, wheat around 5-6 cents higher and corn up around 3 cents.
The rally can largely be attributed to a feeling that Monday's selling was panicking in the light of the media-hyped "world-wide pandemic" of swine flu.
In the cold (nice pun, Nogger) light of day is it really going to effect feed demand that much? Probably not.
Of more concern I'd say are stories this morning of China cancelling US bean purchases. The market has kind of got used to China being an ever-present during the first four months of 2009, what happens if they simply go away?
Wet and cold weather is seen hampering farmers attempts to get a lot more corn into the ground this week in the US corn belt. But at 22% planted already things aren't looking too bad for corn.
If things are looking bad for anything it's wheat. Winter wheat conditions in Oklahoma are dire, and spring wheat plantings in North Dakota are virtually non-existent.
A sharply lower dollar and firmer crude oil and Asian & European stock markets are supportive to the entire complex.
The early call on this afternoon's CBOT session: Corn futures expected to open 2 to 3 higher; soybeans 13 to 15 higher; wheat 5 to 6 higher.
The rally can largely be attributed to a feeling that Monday's selling was panicking in the light of the media-hyped "world-wide pandemic" of swine flu.
In the cold (nice pun, Nogger) light of day is it really going to effect feed demand that much? Probably not.
Of more concern I'd say are stories this morning of China cancelling US bean purchases. The market has kind of got used to China being an ever-present during the first four months of 2009, what happens if they simply go away?
Wet and cold weather is seen hampering farmers attempts to get a lot more corn into the ground this week in the US corn belt. But at 22% planted already things aren't looking too bad for corn.
If things are looking bad for anything it's wheat. Winter wheat conditions in Oklahoma are dire, and spring wheat plantings in North Dakota are virtually non-existent.
A sharply lower dollar and firmer crude oil and Asian & European stock markets are supportive to the entire complex.
The early call on this afternoon's CBOT session: Corn futures expected to open 2 to 3 higher; soybeans 13 to 15 higher; wheat 5 to 6 higher.
