CBOT Early Call

Early calls on this afternoon's CBOT session are: Corn 4 to 6 higher, Soybeans 8 to 10 higher, Wheat 5 to 7 higher.

I wouldn't be surprised to see all three trade either side of last night's close, with an early higher opening maybe fizzling out to the downside ahead of the weekend.

Export sales for beans were a little disappointing, although there was some business for China on both old and new crops. Corn had another strong week with sales in excess of 1 MMT. Wheat sales were a tad under expectations.

Actual exports for all three though were stronger than last week and the four week average.

A sharply weaker dollar and strong crude oil will be supportive and likely stop things from slipping too far into negative territory. Wall St is also expected to open higher despite the news from GM.

Crude oil has posted its largest one month rise since March 1999, and at over $66/barrel is at six month highs.

There is a bit of cautious optimism that the recession may have bottomed. Fund money also seems to be re-entering the agricultural arena.

This afternoon's latest weekend weather outlooks might add a bit of direction. Yesterday's forecasts were largely calling for cool & wet in then north.

Corn and spring wheat plantings should be largely completed by Sunday, which could push maybe another 2-3 million acres the way of soybeans, which is obviously potentially bearish new crop.