Very Early Call On Chicago

22/07/11 -- The overnight grains aren't doing much, easing off earlier modest highs to look like settling in neutral to slightly negative territory.

Crude is also off early highs to around unchanged.

Overnight rain in eastern and southern Iowa may have literally dampened bullish enthusiasm slightly, although that may change later in the day when the midday weather forecasts come out.

Beans are virtually unchanged on the week, with corn 12c or so down and wheat 17 1/2c easier on front month September. Dec corn hit USD7.03/bu on Tuesday, but currently stands more than 30c lower than that.

There are no official early calls out yet, but these are likely to be in the region of one or two cents firmer to one or two cents lower before the off.

I have a feeling in my water that we may see the afternoon session ultimately trade weaker than that going into the weekend, pending a change of heart in the midday weather forecasts.