eCBOT Close/Early Call
eCBOT futures closed lower in the overnight session Tuesday with wheat down 3-4c, corn around 7c lower and soybeans off 14c.
A stronger dollar is seen hampering export demand for US grains, just as interest seemed to be picking up, traders said. The pound has dipped below $1.70 again in the last hour, more than five cents below yesterday's high. The euro has fallen from $1.3530 to $1.3185 during the same time frame.
Last week saw the release of better than expected export sales figures from the USDA for soybeans and corn.
Markets opened stronger Tuesday but ground lower on the back of profit taking as the session wore on.
Crude oil also turned lower which added to the negative sentiment after a couple of days of a more promising outlook for the bulls.
U.S. soy futures had risen almost 4 percent on Monday on news China was establishing a new soybean reserve and on a rally in crude oil prices.
Corn was also dragged higher Monday following a slight improvement in the general financial market mood.
Dollar strength today seems to have negated all the positives of the last few session and early calls for this afternoon's CBOT session are: Corn futures are expected to open 5 to 8 lower; soybeans 12 to 15 lower; wheat 3 to 5 lower.
A stronger dollar is seen hampering export demand for US grains, just as interest seemed to be picking up, traders said. The pound has dipped below $1.70 again in the last hour, more than five cents below yesterday's high. The euro has fallen from $1.3530 to $1.3185 during the same time frame.
Last week saw the release of better than expected export sales figures from the USDA for soybeans and corn.
Markets opened stronger Tuesday but ground lower on the back of profit taking as the session wore on.
Crude oil also turned lower which added to the negative sentiment after a couple of days of a more promising outlook for the bulls.
U.S. soy futures had risen almost 4 percent on Monday on news China was establishing a new soybean reserve and on a rally in crude oil prices.
Corn was also dragged higher Monday following a slight improvement in the general financial market mood.
Dollar strength today seems to have negated all the positives of the last few session and early calls for this afternoon's CBOT session are: Corn futures are expected to open 5 to 8 lower; soybeans 12 to 15 lower; wheat 3 to 5 lower.