eCBOT Close, Early Call

The overnight market closed lower, after trading both sides, pulled down by a firmer dollar and weaker crude oil.

Crude dipped below $60/barrel on ideas that a meeting of OPEC members later this week would not see any further production cuts.

Meanwhile. the dollar has bounced back from it's lowest levels of the year Friday.

Nearby beans closed around 9 cents lower, further narrowing the gap between old and new crop. Corn and wheat closed around 7 cents easier.

The USDA will release their latest planting progress and winter wheat crop condition reports after the close tonight. This may provide some direction for the rest of the week.

A fairly dry week last week will have advanced plantings somewhat, but a relatively wet weekend and Memorial Day holiday may have halted progress.

Spring wheat plantings have also been lagging well behind schedule, and what doesn't get in this week probably won't get planted at all.

Comments from the state-backed China National Grain and Oils Information Centre that the country may soon scale back buying US soybeans in favour of Brazilian origin also took the shine of things for beans overnight.

Still, with private analysts estimates of US ending stocks below 100 million bushels, some scaling back might be compulsory before long, especially if plantings, and therefore harvest, continue to fall behind schedule.

Early calls for this afternoon's CBOT session: Corn 6 to 8 lower, Soybeans 8 to 10 lower, Wheat 6 to 8 lower.