Early Call On Chicago
31/08/11 -- The overnight grains finished lower on profit-taking and a lack of follow through buying. Beans closed with losses of around 4 cents, with corn down 3-5 cents and wheat mostly 2-4 cents easier although front month September showed double digit losses as the gap between it and December widens.
We may be in for some further profit-taking and month end book squaring this afternoon. Crude oil is lower and the US dollar firmer, both of which should weigh on sentiment a little.
A cooler outlook is on the cards for most of the Midwest with some welcome an needed rain in the forecast too. That will come too late to help some crops, but should aid late filling corn and pod-setting beans.
There is talk of early corn harvesting in Illinois throwing up better yields than anticipated.
The parched US Plains should also see some much needed rains which may aid winter wheat planting. That may also encourage some selling ahead of a long three day weekend.
Other than that fresh news is extremely thin on the ground today. Early calls for this afternoon's CBOT session: corn and beans 3-5 cents lower, wheat down 2-4 cents.