eCBOT Close, Early Call

The overnights closed mixed, after a bit of a late sell-off having been in positive territory for most of the eCBOT session.

Beans staged a bit of an earlier correction from last night's steep losses on ideas that a near limit down move might generate some buying. But yet another slump in crude oil prices, falling close to $62/barrel on continued economic worries and a firmer dollar saw beans fall back at the end.

July soybeans closed 7 1/4 cents lower, with November 1 1/4 cents higher. Wheat and corn closed around 1-2 cents firmer.

US weather looks pretty perfect for the next couple of weeks, with rain falling where it's required and warm temperatures turning the Midwest into an equatorial hothouse, ideal for crop development.

All eyes are again turning to the USDA for Friday's WASDE report, and trying to second guess what surprises they will throw at us this time.

This will be their first go at marrying up last week's acreage numbers with yields and production figures to give us some proper final ending stocks projections for next year.

There's plenty of room for manoeuvre in that lot and a surprise or two seems inevitable.

With question marks like that hanging over the market, consolidation and book-squaring looks the sensible thing to so. That might support heavily oversold wheat, but lead to further fund liquidation of beans as was witnessed last night.

Early calls for this afternoon's CBOT session: corn called 1 to 2 higher; old crop soybeans called 5 to 10 lower, new crop steady to 2 higher; wheat called 2 to 4 higher.