CBOT Early Call

The overnights closed mixed with wheat up around 6-8 cents, beans 5-7 cents firmer and corn down 1-2 cents.

Crude is up and the dollar down after better than expected US jobs data.

The market continues to digest the news that the Russian grain export ban will last until summer 2011. At least that is what Putin is saying now.

The trade seems to think that this was some sort of major surprise (it wasn't). He was hardly going to throw the barn doors wide open in January and say "hey comrades export what you want" was he?

I sometimes think that this trade consists largely of a group of naive fresh-faced sixteen year old IQ retarded sheep.

Oh, erm hang on a minute, I've just been told that it does.

Allendale have just come out with some numbers very close to those of FCStone on Wednesday. Informa are out around an hour into today's session.

It's Labour Day on Monday, so it's a three day weekend which in theory should mean some consolidation today, but it somehow doesn't feel like we are going to get it in wheat at the moment.

Dec wheat is up 18 3/4 cents on the week so far, with Dec corn up 11 1/2 cents and Nov beans down 17 cents. At the moment it looks like wheat will add to those gains tonight, with a little consolidation maybe for the other two with corn called slightly lower and beans higher.

Eary call: corn down 1-2c, beans up 5-7c, wheat up 6-8c.