eCBOT Close/Early Call

eCBOT grains closed lower with corn around 3-4c easier, wheat around 3c lower and soybeans off around 16-20c.

The move was seen as a correction from recent sharp increases as investors fretted over whether a U.S. bailout plan could revive confidence in the financial system.

Concern about the cost and lack of details about Washington's $700 billion bailout is worrying the market, which got swept away in a wave of relief when the idea was first mooted last week.

Crude oil is around $2 easier after also posting sharp gains the last few sessions.

Wheat is the stronger leg of the complex at the moment whilst question marks still remain over Australian & Argentine production.

Meanwhile late-planted and slow-maturing US corn and soybeans remain vulnerable to any possible frost scares that may come along over the next few weeks.

Whilst all these factors are combining to "muddy the waters" it seems like more extreme volatility is the name of the game for the remainder of the week.

The single most important factor from here on in is Bernanke's Big Bailout. What form will it take? When will it happen? How much will it finally cost? And what are the longer term implications for the US economy?

Early calls for this afternoon's CBOT session: Corn futures are expected to open 3 to 5 lower; soybeans 15 to 20 lower; wheat 3 to 5 lower.