eCBOT Close, Early Call

The overnight session closed mixed, with beans 5-6 cents lower, wheat down 2-3 cents and corn a cent or so higher.

Crude oil is a little higher at USD80.26/barrel and the dollar is also firmer.

Iraq bought 380,000 MT of mostly Russian wheat over the weekend, with the remainder being of Australian/Canadian origin.

Cold and wet conditions are already seen potentially delaying spring corn planting. Midwest precipitation has averaged 11.2 inches October through February. This was the highest accumulated precipitation in 60 years, and 3.75 inches above normal, says Gail Martell of Martell Crop Projections.

Hard red winter wheat is coming out of dormancy in the Southern Great Plains. Nights will remain below freezing in Oklahoma and Texas this week but daytime highs are climbing into the 50s F, adds Gail. Topsoil moisture is favourable for growth after a stormy and wet winter. The Pacific Northwest is the area to watch. Sub-par precipitation this winter with El Nino has reduced field moisture for spring growth in the white wheat growing area that comprises 17-18% of US winter wheat, she warns.

Abiove say that Brazilian soybean production will total 65.5 MMT and say that harvesting is 20-22 percent complete.

The size of speculative and fund shorts on CBOT wheat leaves the market vulnerable to a sudden wave of buying for seemingly little fundamental reason.

China's Ministry of Commerce say that the country will import 3.32 MMT of soybeans in both February and March, that's down from imports of over 4 MMT per month recently.

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