eCBOT Close/Early Call

eCBOT grains closed lower with March beans down 4c at $8.99; March wheat down 4 3/4c at $5.10 3/4 and March corn 1c lower at $3.48 1/4.

Fears that the world-wide financial meltdown will curb demand for grains is overshadowing all else at the moment.

Recent rains in Argentina and the promise of more to come appears to have stabilised crop conditions there. Between Thursday and Monday 70% of Argy crop areas will receive rains of an inch or more according to Allen Motew of QT Weather.

Although there are still worries about China, their wheat crop won't be harvested until June, there are more pressing matters closer to hand than that. At least that is the way the market seems to be thinking at the moment.

Attention is already starting to focus on US farmers' planting ideas for new crop. For soybeans you can expect anything from 3 to 6 million more acres, maybe even more.

Crude oil is below $35/barrel, and US stocks are expected to rise in excess of 3 million barrels in tomorrows Energy Dept report.

Also out tomorrow will be US weekly export sales. The mood the market seems to be in today they'd better be good. Even if they are, they'll probably only provide minor support.

The Philippines bought 60,000 tonnes of US corn for March shipment overnight.

In outside market news GM and Chrysler are back with their hands out, and cutting 50,000 jobs to boot. GM wants $16.6 billion and Chrysler $5 billion.

Meanwhile more money is needed in Europe to fund the fabled "quantitative easing" - if you want to buy shares in anything find out who makes the paper for the BOE and ECB. They could be getting a nice order soon.

Early calls for this afternoon's CBOT session: March corn called steady to 3 cents lower; March soybeans called 2 to 5 cents lower; March CBOT wheat called 3 to 6 cents lower.