eCBOT Close, Early Call

The overnight grains closed lower, pressured by a strong dollar, with beans and wheat finishing around 9-10 cents easier and corn down around 3 cents.

Weekly export sales for soybeans were a marketing year low for the second week running, coming in at 312,900 MT for delivery in 2009/10, plus net sales reductions of 46,300 MT for delivery in 2010/11. That makes total sales of just 266,600 MT, below expectations for sales of 300-600,000 MT.

For the record China took 191,300 MT of the old crop sales, but decreased 57,500 MT of new crop. Exports came in at 1,199,000 MT, with the vast majority going to China (647,200 MT0.

Corn sales were 743,200 MT for delivery in 2009/10 plus a small 6,900 MT for delivery in 2010/11, in line with expectations of 700-850,000 MT. Exports of 603,800 MT were down 46 percent from the previous week and 23 percent from the prior 4-week average.

Wheat sales were 548,200 MT for delivery in 2009/10, plus 29,500 MT for delivery in 2010/11, a little above expectations for sales of 300-450,000 MT. Actual exports of 448,000 MT were unchanged from the previous week, but still fall a little way short of the required 500,000 MT to meet current USDA targets for the marketing year.

China says it is to tighten monetary policy again as they look to slow their rapid growth to keep inflation in check.

Crude oil inventories data is due for release around 15.30 GMT as Chicago opens, the report has been delayed due to the weather.

Early calls for this afternoon's CBOT session: corn called 2 to 4 lower; soybeans called 8 to 10 lower; wheat called 6 to 8 lower.