CBOT Early Call

CBOT corn and wheat are called 5 to 10 higher, with soybeans called 8 to 12 higher. A weaker dollar and firmer crude oil and metals are supportive elements from the outside markets, as too is an anticipated steadier opening on Wall Street.

News that the US Treasury will provide unlimited capital support to mortgage lenders Fannie Mae and Freddie Mac over the next three years, sees shares in both trading 20%+ higher.

A severe winter storm across large parts of the US over the weekend brought 10-15 inches of snow to many parts, hardly a help for corn still (just about) standing in the fields.

Cold high pressure will dominate Central United States this week dropping temperatures 3-9 F below average, says Gail Martell of Martell Crop Projections. That will keep corn feeding rates elevated on cattle ranches in the Great Plains. December weather has been much colder than anticipated with El Nino in effect. Typically, El Nino winters are mild in the Great Plains and Upper Midwest, says Gail.

Last week's strong export sales for corn and soybeans lay add a bit of support too, although weather conditions in Argentina seem to be generally hugely better than they were twelve months ago. A record soybean crop in 2010 there looks highly likely.