eCBOT Close/Early Call - Lower Despite OPEC Cut

Beans, corn and wheat all erased last night's gains and then some on the overnight eCBOT market. Beans closed around 33-34 cents lower, with corn down 14-16 cents and wheat 20-22 cents lower.

Early in the session beans were 36 1/2 cents up, corn 17 1/4 cents higher and wheat for December delivery advanced as much as 16 1/2 cents.

Corn and soybeans extended last nights gains early as rain, snow and strong winds threaten crops in the U.S. Midwest, where harvests remained behind last year's pace after wet weather during planting forced growers to seed their crops late.

Arctic air is building in northern Canada and will roar across the northern Plains into the Great Lakes beginning Sunday, according to AccuWeather.

Crude oil was also firmer initially, ahead of the OPEC meeting in Vienna. OPEC's ultimate decision to slash production by 1.5 million barrels a day failed to ease concerns that the global economic slump is hurting fuel demand.

It was a classic buy the rumour, sell the fact scenario. Crude turned lower and is currently $3.72 easier at $64.12/barrel.

Throw a sharply firmer dollar into the mix and the entire complex did a complete U-turn and headed south, despite the weather concerns.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 15 to 18 lower; soybeans 28 to 33 lower; and wheat 20 to 23 lower.