eCBOT Close/Early Call

eCBOT grains closed mixed, mostly lower Tuesday, with soybeans down 6-7 cents, wheat narrowly mixed either side of unchanged, and corn 3-4 cents easier.

Futures posted some impressive rallies last night, and the general consensus seems to be that maybe things got a little overdone.

The world economy isn't getting better just yet. With UK retail sales falling in consecutive months October/November for the first time in at least 13 years. UK manufacturing output fell in October by the biggest amount in more than six years official data showed, house sales are still falling and Sony is axing 8,000 jobs.

Crude is showing little change at $44.49 with the threat of "shock" cuts from OPEC next week maybe enough to prevent a fall through $40/barrel for now.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 2 to 4 lower; soybeans 4 to 7 lower; wheat 2 to 4 lower.