eCBOT Close, Early Call

The overnight grains closed mixed, with beans around 5-7 cents firmer and wheat & corn both a cent or so easier.

Heavy rain in some parts of the US wheat areas last week helped improved crop condition ratings slightly. With the USDA reporting after last night's close that wheat rated poor/very poor in Texas had gone from 63% a week ago to 57% as of Sunday night. Oklahoma poor/very poor fell from 43% to 39%, whilst the percentage of the crop in the worst two categories was unchanged at 17% in the US top producing state of Kansas.

Reports of rust problems pointing to lower yields are coming out of India, where the wheat harvest is about to start any day now.

The US missed out on a Syrian tender for 200,000mt wheat yesterday, and is also likely to draw a blank on a similar tender to the same destination as Russia mops up most of the orders going in the Middle East.

Japan and Taiwan however are both expected to buy some wheat of US origin this week.

For soybeans a NOPA crush figure of 128.7 million bushels was above expectations of 125.3 million bushels. Steady crude oil and a weak dollar are also adding a bit of support. The Dow Jones IA is expected to open a tad higher which may also help.

Anecdotal reports coming out of South America suggest that early soybean yields are a little disappointing and that the Brazilian crop will struggle to meet the 57-58mmt being predicted by most of the "usual suspects".

Corn may prove to be the weakest leg of the complex again today as there is little to make a bullish case out of just now. The gap between Friday's Informa & Allendale planting intentions figures highlights just how many "floating voters" are out there, and final decisions may go to the wire. Meanwhile weekly export inspections were poor.

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