eCBOT Close/Early Call

Grain futures were sharply lower in the overnight session, due in part to selling created by the recent rallies but also on spillover pressure from activity in outside markets.

Funds, taking their cue from the sell-off in commodities in Friday morning trade, were heavy sellers of grains, traders said.

Weak data for soybeans yesterday is still weighing on soybeans prices and the bearish mood is spreading to other commodities in the grains pit.

The December corn contract didn't quite reach its targeted $6.00 level before finding renewed selling interest, but with the dollar up and energies and metals sharply lower it would have been difficult for grains to post or hold gains of any type overnight.

eCBOT September corn closed 19 3/4 lower, soybeans 34 3/4 lower and wheat 21 1/4 lower.

Corn futures are called to open this afternoon's CBOT session 15 to 20 lower, soybeans 30 to 35 lower, and wheat 15 to 20 lower.