Early Call On CBOT

The overnights closed lower with beans down around 10-12 cents, wheat off around 5 cents and corn 5-6 cents easier.

Crude oil is sharply weaker, currently down the best part of USD2.50 at USD67.90/barrel. The API report on US crude oil stocks today and the US Energy Dept are out tomorrow, further inventory increases look like being on the cards. OPEC countries are said to be pumping oil at 2 million barrels per day over target.

The dollar is up again as it continues to benefit from the flight to safety with concerns over the size of European debt still hanging over the market.

US weather continues to look relatively benign. Corn crop conditions leapt 4 points to 71% good/excellent last night.

Meanwhile, North Dakota wheat planting is virtually finished aided by almost ideal sowing conditions last week.

Japan is shopping for 131,000 MT of wheat this week in it's usual tender.

Cooler and wetter conditions look like returning to European wheat areas this week, which should ease some crop production fears.

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