Early Call On CBOT

The overnight markets closed mixed with wheat around 2c higher and corn and beans narrowly either side of unchanged.

Crude oil is down below USD79/barrel on talk of a faltering global recovery.

US exporters have been busy, with the USDA today reporting overnight corn sales of 480,000 MT, 180,00 0MT, 174,000 MT, and 103,632 MT to Mexico, Egypt, Unknown and Japan respectively.

In addition a further 115,000 MT of soybeans was sold to China overnight.

An existing "unknown" wheat sale for 220,000 MT has been switched to Egypt.

Bangladesh only picked up one bid in their 50,000 MT wheat tender, although Egypt got 11 bids at varying prices starting from the USD280/tonne they paid at the weekend. Neither party has confirmed a purchase yet.

One or two longs seem to be looking to cash in their chips today ahead of tomorrow's USDA report. They have a habit of not following rapidly changing crop estimates as quickly as some other market participants.

They also might just have a vested interest in trying to cool some of the market panic that's been around of late, rather than fanning the flames. A "not as bad as expected" WASDE report is highly likely tomorrow I'd say.

Early calls for this afternoon's CBOT session: Corn mixed, beans flat to 1 higher, wheat 1 to 2 higher.