eCBOT Close/Early Call
eCBOT grains closed the overnight session sharply lower, weighed down by a plethora of bearish factors from a failing world economy, weaker crude oil and a sharply higher dollar.
Soybeans closed around 18-20 easier, with wheat off around 12c and corn down 15-16c.
Concern is mounting that government attempts to rescue banks in the U.S. and Europe will take longer to revive economic growth and demand for commodities.
The Baltic Dry Index of freight rates fell to its lowest in six years yesterday, and has now fallen 90 percent from a record in May 20.
"The Baltic freight index is yelling that the recession will be deeper and last longer," said one analyst.
The dollar is sharply higher which is also weighing on the competitiveness of US exports.
Crude is down below $70 a barrel on Wednesday, pressured by a gloomy outlook for the global economy that could limit the impact of any supply cuts OPEC might agree at a meeting on Friday.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 15 to 18 lower; soybeans 15 to 20 lower; wheat 10 to 13 lower.
Soybeans closed around 18-20 easier, with wheat off around 12c and corn down 15-16c.
Concern is mounting that government attempts to rescue banks in the U.S. and Europe will take longer to revive economic growth and demand for commodities.
The Baltic Dry Index of freight rates fell to its lowest in six years yesterday, and has now fallen 90 percent from a record in May 20.
"The Baltic freight index is yelling that the recession will be deeper and last longer," said one analyst.
The dollar is sharply higher which is also weighing on the competitiveness of US exports.
Crude is down below $70 a barrel on Wednesday, pressured by a gloomy outlook for the global economy that could limit the impact of any supply cuts OPEC might agree at a meeting on Friday.
Early calls for this afternoon's CBOT session: Corn futures are expected to open 15 to 18 lower; soybeans 15 to 20 lower; wheat 10 to 13 lower.