Early Call On CBOT

The overnight grains closed mostly a little lower, with beans down around 1-2 cents, corn around 3 cents easier and wheat flat to 2 lower.

There's very little fresh news to start the week, with Hungary doing it's best to retract alarmist comments of defaults over the weekend. The market is unsurprisingly none too convinced with the euro sinking to fresh four year lows against the dollar.

Crude oil is slightly weaker and seems to be comfortable around USD70/barrel for the time being.

The US looks like having a wet fortnight in store, which shouldn't be a problem for newly planted corn, although it won't help get the soybeans in.

The USDA will report tonight on soybean/spring wheat planting progress and also on crop conditions.

Things keep getting worse for Canadian growers after a tornado swept through parts of southern Ontario at the weekend, with officials forced into declaring a state of emergency in the town of Leamington.

Rains have been welcomed in Australia however, although the NAB today lowered their wheat crop estimate for 2010/11 by 400,000 MT to 22.2 MMT.

Early calls for this afternoon's CBOT session: corn called 1 to 3 lower; soybeans called 1 to 3 lower; wheat called mixed.