eCBOT Close, Early Call

The overnight session closed mixed, mostly lower. Wheat and corn finished with losses of around 2-4 cents, whilst front-month beans closed 7 3/4 cents higher other months were mainly around 2 cents lower.

Yesterday's sharp sell-off in the equities market which started in Shanghai is still being digested, as too is talk that state-owned Chinese entities "reserved the right" to default on loss-making commodity derivatives trades.

On the weather front, the immediate freeze threat seems to have passed for now, although crop development still lags and will inevitably drag the harvest into periods of more serious potential losses later in the month.

"One of the coldest meteorological summer’s ever for the Corn Belt ended yesterday as another few days of record cold were seen across North Dakota, Nebraska, Minnesota, Iowa, Missouri, Wisconsin, Illinois and Michigan, says Allen Motew of QT Weather.

"Freeze conditions have occurred during this period only in non-agricultural northern areas of Minnesota, Wisconsin and Michigan while no freezes will occur again any time soon. The next cold outbreak does not begin until Sept 12-13," he adds.

China has sold almost 2 MMT of corn at today's government auction, easily it's best performance yet.

Drought and cold temperatures are a concern for corn and soybean production in China.

Lack of monsoon rains are seen dragging Indian soybean output sharply lower.

Japan is looking for 127,000 MT of mostly US wheat in a routine tender this week.

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