CBOT Early Call

The overnight grains closed lower, with beans down 3-4 cents, wheat down 1-2 cents and corn around a cent or so easier.

The USDA's weekly export sales report was bearish for beans and corn and neutral for wheat. Export sales were actually negative for soybeans due to Chinese cancellations and poor for corn too at 338,900 MT, wheat sales were respectable at 448,400 MT.

Actual shipments were pretty decent for all three however.

The dollar and crude oil are both a little bit weaker.

Japan bought 85,000 MT of US wheat overnight, plus a smaller quantity of Canadian and Australian wheat as well.

Kazakhstan continue to flex their muscles on the grain export front, saying that they are close to doing a deal to supply South Korea with 600,000 MT of wheat which will be delivered by rail via China. The Kazakhs also say that their grain area will be up again for the 2010 harvest.

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