Overnight Market Developments
eCBOT grains are mixed, mostly slightly lower overnight with soybeans down a cent or so, corn 1-2 cents easier, and wheat up 3/4c to down 1/4c.
The weak dollar remains supportive for the entire complex.
There is reasonable export interest around for wheat this week, although competition remains fierce with the usual suspects, Russia and Ukraine, particularly aggressive.
Japan bought 62,000mt wheat overnight, 41,000mt US origin and 21,000mt Australian origin.
The Argy Ag Secretariat dropped it's estimate of output there for the current crop to 9mmt, 7mmt below last year's levels. This could open up the door for increased US exports to Brazil during 2009.
Crude is hovering around the $40/barrel mark despite OPEC's 2.2m bpd cut, as the market focused more on waning demand.
There is scepticism as to which OPEC members, apart from Saudi Arabia, will actually stick to their reduced quota, with the likes of Iran, Nigeria, Algeria etc likely to privately take the view that $40/barrel is better than nothing.
The dollar is at 2 1/2 month lows against the euro. Who wants dollars when interest rates are 0.25%? The pound is down again to fresh all-time lows against the euro currently standing at 1.0671, with one euro now worth around 94 pence. Against the dollar we are $1.5420.
The pound's demise yesterday saw London wheat close a pound or two higher, today's further declines are also likely to support. Where, however, is the new export business we should be picking up at these levels??
The government confirms that it has held talks with Jaguar Land Rover over the possibility of state aid for the carmaker.
Meanwhile, struggling US manufacturer Chrysler is to halt production at all 30 of it's plants for one month, in an effort to save money until (they hope) Barak Obama gets his chequebook out in January.
The weak dollar remains supportive for the entire complex.
There is reasonable export interest around for wheat this week, although competition remains fierce with the usual suspects, Russia and Ukraine, particularly aggressive.
Japan bought 62,000mt wheat overnight, 41,000mt US origin and 21,000mt Australian origin.
The Argy Ag Secretariat dropped it's estimate of output there for the current crop to 9mmt, 7mmt below last year's levels. This could open up the door for increased US exports to Brazil during 2009.
Crude is hovering around the $40/barrel mark despite OPEC's 2.2m bpd cut, as the market focused more on waning demand.
There is scepticism as to which OPEC members, apart from Saudi Arabia, will actually stick to their reduced quota, with the likes of Iran, Nigeria, Algeria etc likely to privately take the view that $40/barrel is better than nothing.
The dollar is at 2 1/2 month lows against the euro. Who wants dollars when interest rates are 0.25%? The pound is down again to fresh all-time lows against the euro currently standing at 1.0671, with one euro now worth around 94 pence. Against the dollar we are $1.5420.
The pound's demise yesterday saw London wheat close a pound or two higher, today's further declines are also likely to support. Where, however, is the new export business we should be picking up at these levels??
The government confirms that it has held talks with Jaguar Land Rover over the possibility of state aid for the carmaker.
Meanwhile, struggling US manufacturer Chrysler is to halt production at all 30 of it's plants for one month, in an effort to save money until (they hope) Barak Obama gets his chequebook out in January.