eCBOT Closing Comments

eCBOT grains closed firmer ahead of today's USDA stocks and Supply & Demand reports, with soybeans hitting 2-month highs.

Beans closed around 17 cents firmer in nearby months, with spillover strength helping corn close with gains of around 3 cents and wheat 5-7 cents higher.

Firmer crude oil, up around a dollar and a half, and stock markets also helped boost the grains.

The main number of interest this afternoon will possibly be the soybean 2008/09 ending stocks, which were 185 million bushels last month, but could fall as low as 101 million according to one trade estimate (the average guess is a more conservative 169 million). Certainly a number of 150 or below would be construed as very bullish for old-crop months.

The USDA will also report on world crop production, with the Argentine & Brazilian soybean crop estimates of interest.

In addition, the usual Thursday export sales numbers may re-affirm that China is still around buying US beans.

An early call will be posted after the figures come out.