DJ GRAIN HIGHLIGHTS: Top Stories Of The Day

LONDON, Mar 03, 2008 (Dow Jones Commodities News via Comtex) --

Grain futures traded on Globex overnight were higher as of 1200 GMT Monday

Last       Change  High      Low      Volume
Mar Corn      $5.53       +7      5.53 1/4  5.44        122
Mar Wheat     $11.06      +33     11.06     10.78        44
Mar Soybeans  $15.55      +33     15.60     15.19 1/2   657
Mar Soymeal   $380.9      +5.2    380.9     378.6      5386
Mar Soyoil    70.10c      +1.95   70.50     68.41      1323

   TOP STORIES:

Australian Wheat, Barley Output To Surge In 2008 - Abare

CANBERRA (Dow Jones)--Fueled by high global grain prices that could lead to record sowings, production of wheat, barley and other winter crops in Australia will soar in the next crop year ending Mar. 31, 2009, assuming normal seasonal conditions, according to new official forecasts.

Drought Hits 40% Of Farmland In China's Heilongjiang Province

SHANGHAI (Dow Jones)--More than 40% of the cultivated land in China's Heilongjiang province has been hit by drought, said the Office of State Flood Control and Drought Relief Headquarters Monday.

Australia AWB Estimated Export Wheat Pool Returns Unchanged

CANBERRA (Dow Jones)--Australian wheat exporter AWB Ltd. Monday held unchanged its estimate of pool returns on collective export sales, as high global prices force buyers to reconsider purchasing plans, it said.

India '08 Rapeseed Output Likely Fall 15.4% On Year-Trade Grp

NEW DELHI (Dow Jones)--India's rapeseed production in 2008 is expected to fall to 5.09 million metric tons, down 15.4% from 6.02 million metric tons in 2007, because of less area being cultivated and unfavorable weather, a trade body said Sunday.

Egypt GASC Buys 125,000 Tons Russian, US Soft Red Wheat

CAIRO (Dow Jones)--Egypt's state-owned General Authority for Supply Commodities said Saturday it bought 125,000 metric tons of Russian and U.S. soft red wheat in a tender.

Australian 08-09 Wheat Output Could Double To 26M Tons - Bank

CANBERRA (Dow Jones)--Wheat production in Australia could double to 26 million metric tons next crop year from drought-affected output of 13 million tons this crop year ending March 31, Rabobank Australia Ltd. forecast Monday.

STORIES OF INTEREST:

China May Increase Ag Product Imports To Tame Inflation-Min

BEIJING (Dow Jones)--China may increase the import of major agricultural products to meet rising demand and tame inflation, Minister for Commerce Chen Deming said Monday.

Egypt GASC Tenders To Buy 55,000-60,000 Tons Wheat-Official

CAIRO (Dow Jones)--Egypt's state-owned General Authority for Supply Commodities will tender Saturday to buy at least 55,000 to 60,000 metric tons of wheat for shipment from April 11-20, on a free-on-board basis, a GASC official said Friday.

FOCUS: India's Budget Plan Seen Unlikely To Spur Farm Growth

NEW DELHI (Dow Jones)--India's budget initiative to waive farmers' loans together with a slew of other proposals isn't likely to boost the sector's growth, agriculture experts said Friday.

Egypt GASC Buys 120,000 Tons French Wheat - Official

CAIRO (Dow Jones)--Egypt's state-owned General Authority for Supply Commodities, or GASC, said Friday it bought 120,000 metric tons of French wheat in at tender.

THE MARKETS:

CBOT Corn Review: Mixed, Consolidative Trade, New Highs Set

CHICAGO (Dow Jones)--Chicago Board of Trade corn futures ended narrowly mixed Friday, struggling to find direction as the market was torn between surging soy futures and plunging wheat futures, analysts said. However, new contract highs were established.

CBOT Soy Review: Climbs, Set New Highs On Soyoil Led Rally

CHICAGO (Dow Jones)--Chicago Board of Trade soybean futures ended sharply higher Friday, soaring to record highs on spillover support from soyoil and strength in world markets.

US Wheat Review: Corrective Trade Tugs Prices Lower

Technical selling and a price correction from the recent highs pressed wheat futures lower after the markets had clearly reached overbought levels, brokers and analysts said Friday.

CBOT Rice Review: Record Highs, Soars Limit Up On Spec Buys

CHICAGO (Dow Jones)--Chicago Board of Trade rough rice futures surged to record highs Friday, soaring limit up on the close on late speculative buying amid a lack of sellers, traders said.

US Cash Grain Review: Record Prices, Wild Weather

CENTRAL CITY, Neb. (Dow Jones)--U.S. cash grain markets rode an upsurge in futures to historic highs this week, although farm-gate spring wheat prices eventually finished some 6% lower, impacted by a wholesale collapse in basis.

EU Wheat: Slips On US Pressure, Underlying Support From Egypt

LONDON (Dow Jones)--Liffe European wheat futures fell Friday on profit-taking directed by the U.S. wheat market. But a sale of French wheat to Egypt provided underlying support to help limit losses.

-By Pierre Cooper, Dow Jones Newswires; 4420-7842-9344; pierre.cooper@dowjones.com

(END) Dow Jones Newswires

03-03-08 0717ET