CBOT Early Call

The overnight grains closed mixed with beans up 1-2 cents, and wheat & corn down 1-2 cents.

The dollar is a little weaker and crude a bit higher. The US Energy Dept are expected to say that US crude oil stocks fell by 1.5-2.0 million barrels last week, when they come out with their inventory numbers tomorrow.

The USDA increased their good/excellent ratings for corn by one point to 77% last night, close to the record 78% for this time of year. Around 9% of the soybean crop is left to get planted, hampered by continued wet weather.

Excessive wetness is the problem north of the border in Canada, with many deadlines for crop insurance there due to expire this week.

Japan are shopping for 126,500 MT of wheat in their regular weekly tender due to be concluded on Thursday, of which 91,000 MT will be US origin. Bangladesh is also looking for 100,000 MT of wheat.

Saudi Arabia’s agriculture minister says that the country is looking to scrap wheat production entirely by 2016 to conserve water reserves. The country is expected to import around 2 MMT of wheat this year.

Early calls for this afternoon's CBOT session: corn and wheat called 1 to 2 lower; soybeans called 2 to 4 higher.