Overnight markets
The overnight grains markets are firmer across the board this morning as the USDA report becomes history & traders begin to focus their attention further ahead.
Corn prices are up from recent near-six months lows on ideas that prices around $5/bushel rather than $8/bushel will stimulate demand.
Yesterday's USDA numbers pegged world consumption at a record high 799.7 mln tonnes reducing global reserves as a percentage of consumption to the lowest since 1974.
Corn futures are currently up around 4-5c in overnight trade.
Soybeans are up after the USDA projected lower than anticipated US production, amidst concerns that although current weather patterns are favourable, cooler temperatures now may mean cooler temperatures ahead in September. That could mean frost which would be bad news for the late developing crop.
Bean futures are up around 13-16 cents on eCBOT this morning, adding to last night's gains of around 17-18 cents.
Wheat is also modestly higher, around 4-6 cents up, following corn & soybeans to a degree but also supported by recent strong export sales numbers from the USDA despite burgeoning world supplies.
Corn prices are up from recent near-six months lows on ideas that prices around $5/bushel rather than $8/bushel will stimulate demand.
Yesterday's USDA numbers pegged world consumption at a record high 799.7 mln tonnes reducing global reserves as a percentage of consumption to the lowest since 1974.
Corn futures are currently up around 4-5c in overnight trade.
Soybeans are up after the USDA projected lower than anticipated US production, amidst concerns that although current weather patterns are favourable, cooler temperatures now may mean cooler temperatures ahead in September. That could mean frost which would be bad news for the late developing crop.
Bean futures are up around 13-16 cents on eCBOT this morning, adding to last night's gains of around 17-18 cents.
Wheat is also modestly higher, around 4-6 cents up, following corn & soybeans to a degree but also supported by recent strong export sales numbers from the USDA despite burgeoning world supplies.