eCBOT Close/Early Call

eCBOT futures closed lower overnight with soybeans 13-14c weaker, and corn and wheat both around 5-6c lower.

A resurgent dollar, weaker crude oil, falling equities and harvest pressure weighed on futures throughout the session.

The dollar rose from $1.65 to $1.62 against the pound as global recession fears resurfaced. Crude slipped close to $64/barrel amidst falling demand concerns.

The IGC increased 2008-09 world grain output 16mmt, 7mmt of it wheat, from last months projections.

Meanwhile, shares in Asia and Europe fell on Friday, heading for their worst month ever.

Weekend US weather forecasts are promising for harvest advancement, and conditions in the Plains for newly planted wheat are said to be the best for many years.

The wheat harvest has begun in New South Wales which is also adding some pressure to the market.

Early calls for this afternoons CBOT session: Corn futures are expected to open 3 to 5 lower; soybeans 12 to 15 lower; wheat 5 to 8 lower.