Early Call On Chicago

22/11/10 -- The overnight grains closed a tad firmer, although well off earlier highs, with beans around 10c higher and wheat & corn up a cent or so.

Fresh news is fairly limited in what has so far been a muted start to the week.

Ireland capitulated and got their bailout over the weekend, which has firmed the euro slightly.

China announced that they are extending margin requirements on soymeal and soyoil trades on the Dalian stating tomorrow. The State Council have announced plans to help the poor face rising prices by increasing welfare payments.

Dryness in Argentina remains a concern. Some rains on the US Plains may have improved winter wheat crop conditions, but much colder air is seen moving south from the Canadian Prairies later this week. That could bring an end to any growth left in wheat before dormancy kicks in.

The USDA report tonight on US winter wheat crop conditions.

It's a shortened trading week, with Thanksgiving in the US on Thursday. They have more time off than soft Mick over there, as my Dad would say. Friday will be an even shorter trading session than the half day they normally put in too!

Not like in my day, two hours kip that's all we got then it was back on the floor, trading jackets for goalposts. You had to write your own trades up in those days. Always keep your pencil sharp, our book never closes David. That's what the boss always used to say, before he went off for a six hour lunch in Ma Boyle's obviously.

Australia's wheat harvest will soon be in full swing, there's no fresh news there, with things remaining far too dry in the west and too wet in the east. Record crops are expected from the latter and miserable harvest results are on the cards from the former.

The USDA have just announced the sale of 120,000 MT of wheat to Egypt by private traders.

Early calls for this afternoon's CBOT session: beans 5-10c higher, corn up 1-2c and wheat up 2-4c.