eCBOT Close/Early Call

The overnight grains closed lower with beans down 3-6 cents, corn 4-5 cents lower and wheat 6-7 cents easier.

Crude oil is 20 cents lower at USD78.70/barrel, after jumping more than USD2.50 yesterday. The American Petroleum Institute will report on stock levels later in the afternoon.

Grains are also in consolidation mode in what looks like being another 'turnaround Tuesday' after last night's gains.

The USDA reported the corn harvest was 54% completed as of Sunday, which fell within trade expectations of 50 to 60 percent completion, but well below the five year average of 77% done.

The soybean harvest was 89% completed as of Sunday, which fell slightly below trade expectations of 90 to 92 percent completion, and the five year average of 96%.

Winter wheat plantings were at 90% completed, which is 5 percentage points behind the 5-year average. Arkansas wheat was only 52% planted (80% normally), Illinois 77% (98%) and Indiana 85% (98%).

Celeres report that Brazilian farmers have 61% of their soybean crop in the ground, better than the 55% normally at this point in time, with 18% of the new crop already sold.

Things don't look so promising in parts of Argentina, where a persistent drought has yet to be broken in the western grain belt. Oil World have dropped their production estimate by 2 MMT for the second month running, now pegging 2009/10 output at 48 MMT, fully 5 MMT below the USDA's estimate of only last week.

Bangladesh purchased 100,000 tonnes of Ukraine wheat overnight. Ukraine's wheat stocks stood at 11 MMT on Nov 1st, 20% down on last year, and at the rate they are exporting wheat they won't have enough to last them until new crop.

Japan are looking for 92,000 MT of wheat in their normal weekly tender, of which 71,000 MT is US origin.

Early calls for this afternoon's CBOT session: corn called 3 to 5 lower; soybeans called 4 to 6 lower; wheat called 6 to 8 lower.