CBOT Early Call

The overnight grains closed mixed with beans a cent or so either side, corn flat to 1 1/4 lower and wheat a cent or so higher.

There isn't too much change in the dollar or crude oil so far today either.

The US weather outlook is warm and wet for the next couple of weeks, ideal growing conditions for corn although not fantastic for getting the last 16% of soybeans planted.

Good/excellent crop conditions were 76% for corn and 75% for soybeans in last nights ratings. Winter wheat conditions declined again in Kansas, causing a degree of concern.

The Argy harvest is winding down, with soybeans 95% done and corn 79% cut. Wheat planting is underway there, and in Brazil although progress there is slow.

We might start to see some short-covering and profit-taking ahead of Thursday's USDA report. That is expected to show old crop corn, soybean and wheat stocks all declining slightly from last months estimates.

Japan is in the market for 151,000 MT of wheat this week of which 101,000 MT will be US origin.

Early calls for this afternoon's CBOT session: corn mixed; soybeans and wheat 1 to 2 cents higher.