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.
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.
