eCBOT Close, Early Call

The overnight session closed lower with beans down 24 1/2 cents nearby and 13-16 cents further forward. Wheat closed 2-3 cents lower and corn around 4-6 cents easier.

Beans and wheat both traded higher earlier in the session but lost ground late on as crude fell and the dollar rose.

Crude is down $1.66 at $67.65/barrel, European equities are also weaker and Wall Street is expected to follow suit.

Chicago is closed tomorrow for Independence Day so there will undoubtedly be an element of book-squaring going on this afternoon.

In the US a dry and warm forecast through until Saturday will be largely beneficial to corn and bean development.

The weekly export sales were bullish for corn and soybeans and neutral for wheat. In the beans, China took almost half the total, including more old crop. It looks like they are going to stick around a while yet.

South Korea bought one cargo - 55,000 MT - of US corn overnight. Japan booked 108,000 MT of mostly US wheat, Taiwan booked 82,350 MT of US wheat and Egypt last night booked 90,000 MT of US/French wheat.

Early calls for this afternoon's CBOT session: corn called 2 to 5 lower; soybeans called 10 to 15 lower; wheat called 3 to 5 lower.