eCBOT Close, Early Call

The overnight session closed lower, with beans down around 10-12 cents, corn off 3-4 cents and wheat down a cent or so.

If yesterday was "turnaround Tuesday" today must be "wobbly Wednesday". Tomorrow will be "up and down like a bride's nightie" Thursday, followed by "frosty Friday" to close the week.

Even the dollar hitting a one year low against the euro wasn't enough to support the grains complex today. The prospect of bumper US soybean and corn crops just a week or two away proved to be too heavy a burden to carry.

Recent comments by Fed chairman Ben Bernanke and US Treasury Secretary Timothy Geithner, that the recession is probably over and recovery is on the way perversely sees the US dollar under pressure.

Higher-yielding assets are what investors are after, and with US interest rates widely expected to be left at an effective zero by the Fed this afternoon, a flight away from the dollar's safe haven status is underway.

The G20 meeting in Pittsburg, which starts tomorrow, will also be monitored for further evidence of a plan to keep any global recovery on the rails.

China only manged to sell 14,800 MT of soybeans out of the 500,000 MT up for grabs in it's weekly auction today.

US weather remains non-threatening at least through until Sunday. After that though a strong cold front will sweep across Minnesota and South Dakota ushering in cold air and setting the stage for a potential Corn Belt frost on Tuesday, say QT weather.

By Tuesday morning, the greatest risk for frost and some crop damage will be in the Eastern Dakotas, Minnesota, W Wisconsin and extreme N Iowa, an area that grows 20-25% of the nation’s corn and beans, they add.

If this freeze does materialise then it is likely to have more of an impact on corn than soybeans.

Recent rains in Australia are said to have more or less 'made' the wheat crop in all but some parts of northern NSW and southern Queensland.

Brazil are said to be strangely contemplating raising their tax on wheat imports from outside the Mercosur trade bloc, despite best mates and No 1 supplier Argentina planting the lowest acreage in 100 years.

Early calls for this afternoon's CBOT session: corn called 2 to 5 lower; soybeans called 10 to 12 lower; wheat called 1 to 3 lower.