eCBOT Close, Early Call

The overnight grains closed slightly lower with beans down 4-5 cents and wheat and corn 1-2 cents easier.

Crude is lower ahead of the US Energy Dept's weekly inventories data. Yesterday the American Petroleum Institute pegged US crude stocks 2.9 million barrels higher last week.

The EPA frustrated the ethanol lobby hoping to get the E15 blend passed, deferring it's decision until 2010.

In the US rain and light snow showers continue to hamper farmers' efforts to get the corn crop finished off. As the harvest drags on delivery notices remain light for corn at 481 contracts but much heavier for wheat at 4,560 contracts.

Japan is expected to buy 105,000 MT of US wheat in a tender tomorrow, along with a smaller quantity of Australia/Canadian wheat.

Soft red winter wheat production remains under threat with less than half the crop rated good/excellent entering winter dormancy with under-developed roots, say Martell Crop Projections. That's the second lowest proportion of the crop rated in the top two categories at the beginning of December since at least 1986, they add.

In complete contrast half of the US winter wheat crop is off to a great start. Kansas, Oklahoma and Nebraska have seen decent precipitation and far above normal temperatures leaving early conditions 68% good to excellent in Kansas and Nebraska, and 79% across Oklahoma, say QT Weather.

Tomorrow's USDA weekly export sales will be interesting to see if soybean sales are still holding up, and how exports have fared since last week's large 2.4 MMT set sail.

There was very little sign of the anticipated Dec 1st fund activity yesterday, will they be in today, or have they gone off the idea?

Early calls for this afternoon's CBOT session: corn and wheat called 1 to 3 lower, with soybeans called 2 to 5 lower.