eCBOT Close, Early Call

eCBOT grains closed modestly firmer with March beans up 3 1/4 cents, March wheat up 3/4 of a cent and March corn up 1 3/4 cents.

Crude oil is steady above $40/barrel for the time being, but the Energy Dept are out with their latest inventories report mid-session so things could change then. Crude stocks are expected to be up around a million barrels.

The Argy farmer/government talks threw up few surprises, and another meet is scheduled for next week. The recent strike finished yesterday and there are no more planned until at least March!

An unconfirmed story I am reading suggests that China may have cancelled 180,000mt of US soybeans purchases. That may cause a few ripples if it is true, as they have been far & away the biggest US home of late.

Algeria are shopping for 300,000mt of wheat. Russia must be the hot favourites to pick that order up having already pounced on similar tenders from Syria and Egypt in the past few days.

Weather in the US Plains remains a concern for US wheat prospects.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 3 higher; soybeans 2 to 4 higher; wheat steady to 2 higher.