Overnight Grains Lower On Dollar
Overnight grains are lower this morning on the eCBOT market as a broadly firmer dollar threatens to curtail any increased demand on the export front created by recent price falls.
At 7.30am GMT soybeans were in the main around 8-9c lower, with corn down a couple of cents and wheat 10-11c easier.
The dollar is up against the euro and sterling on speculation that the ECB and BoE will lower interest rates this week, possibly by as much as one percent, in an attempt to cushion the impact of a slowing economy.
At 7.30am the dollar was $1.2641 against the euro and $1.5679 against the pound. The pound peaked at $1.6397 in early trade yesterday, with the euro reaching $1.2897.
The USDA said last night that although the pace of the US corn harvest continues to lag, soybean harvesting is now pretty much in line with the five year average. The corn harvest is 55% done compared to the average 79%. Soybeans though are 86% in the bin, against an average of 89%.
Meanwhile the USDA said 67% of the US winter wheat crop was rated good to excellent, up from 55% a year ago.
FC Stone Monday dropped its 2008 US corn production estimate to 11.99 billion bushels, down from the firms last month estimate of 12.026 billion bushels. Soybean output was raised from 2.889 billion bushels to 2.916 billion. Both estimates are below the current UDSA projections.
The USDA is scheduled to release revised estimates on Nov. 10th.
At 7.30am GMT soybeans were in the main around 8-9c lower, with corn down a couple of cents and wheat 10-11c easier.
The dollar is up against the euro and sterling on speculation that the ECB and BoE will lower interest rates this week, possibly by as much as one percent, in an attempt to cushion the impact of a slowing economy.
At 7.30am the dollar was $1.2641 against the euro and $1.5679 against the pound. The pound peaked at $1.6397 in early trade yesterday, with the euro reaching $1.2897.
The USDA said last night that although the pace of the US corn harvest continues to lag, soybean harvesting is now pretty much in line with the five year average. The corn harvest is 55% done compared to the average 79%. Soybeans though are 86% in the bin, against an average of 89%.
Meanwhile the USDA said 67% of the US winter wheat crop was rated good to excellent, up from 55% a year ago.
FC Stone Monday dropped its 2008 US corn production estimate to 11.99 billion bushels, down from the firms last month estimate of 12.026 billion bushels. Soybean output was raised from 2.889 billion bushels to 2.916 billion. Both estimates are below the current UDSA projections.
The USDA is scheduled to release revised estimates on Nov. 10th.