Early call on Chicago

Corn futures are expected to open 5 higher to steady; soybeans 4 to 16 lower; wheat 1 to 10 higher. Wheat futures were pulled up by higher corn prices in overnight trade, but soybeans remained under pressure. Price volatility is still the name of the game.

Again a lot of talk this morning seems to centre around non-believing Monday's USDA report. The soy figure is too high, the corn figure is too low, not all the spring wheat will get in etc, it's too cold, it's too wet etc.

There is a further meeting tonight between the Argentine farm leaders to discuss their next course of action, and there is some talk that the strike may be called off/deferred. Even if this proves to be the case it will still be some time before normality returns and Argy product starts arriving in Europe again. This will likely keep spot physical prices firm for at least the next month or so.