Soybeans: Freezing temperatures in parts of the northern Midwest over the weekend, have bean traders a buzz, as concerns mount that crop damage may have occurred in parts of Iowa, Minnesota, and Wisconsin. This news helped send November Soybeans to highs not seen in 3-years, with prices moving closer to the psychologically important $10 per bushel level. At the end of the overnight session, November Soybeans are trading at $9.71 ¼, up 16 ½ cents.
Stock Index futures: U.S. equity index futures have started off the week on a down note, following losses in Europe, as a major U.K. mortgage lender, Northern Rock Plc, fell to seven year lows, after customers continue to withdraw their savings following a bale-out by the Bank of England last week. This has sparked fears that the recent credit crunch has not been resolved and may spread throughout the world. In early trade, December S&P 500 futures are trading at 1476.00, down 9.00.
Coffee: Arabica Coffee futures in New York rose to one-month highs in early trade, following a move to 9-year highs by the Robusta futures contract in London, as traders fear tight supplies ahead of the harvest in Vietnam, the worlds largest producer of Robusta Coffee, starting in November. High Robusta prices have caused some Coffee roasters to switch to using more Arabica beans in the their Coffee blends. In early trade, December Coffee is trading at 122.75, up 1.85.
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