eCBOT Close, Early Call

The overnight eCBOT grains closed higher Monday morning, garnering support from firmer equities and a weaker dollar.

eCBOT soybeans closed 7-8 cents firmer, with wheat around 5 cents higher and corn up 1-2 cents.

Japan's Nikkei closed around 2.2% higher and stocks in London, Paris and Frankfurt were also higher. In London Barclays shares jumped 22% as it revealed plans to sell it's iShares unit to raise capital without selling a stake to the government. It also reported a "strong start" to 2009.

The dollar was weaker as stronger stocks encouraged fund and investor selling of the greenback. Further costly economic stimulus measures may be announced later this week by the US government also pressure the US unit.

Wheat was higher as drought remains a problem in the Plains as temperatures are forecast to warm up considerably this next two weeks.

Syria announced the purchase of 200,000mt of Russian wheat today, and promptly tendered for another similar amount. This kind of news will likely limit any gains by US and EU wheat today.

Whilst Friday's Informa's 2009 planting intention figure showing a five percent drop from 2008 is supportive for corn, Allendale's estimate was barely changed.

Crude oil around $2 lower after OPEC failed to announce any further production cuts over the weekend may also weigh on corn later in the session.

Early calls for this afternoon's CBOT session: Corn futures are expected to open 1 to 2 higher; soybeans 6 to 8 higher; and wheat 3 to 5 higher.