Early Call On Chicago

The overnight grains were a sea of red again this morning, with beans ending 10-12c lower, wheat down 8-10 and corn down around 9c.

The hangover from last week's USDA report continues, with some of last week's late arriving bulls already looking at losses of around 65c on corn from recent highs.

The USDA WASDE report is due on Friday, what surprises will they throw at the market next? Under these kind of conditions maybe one or two spec longs might fancy liquidating a bit more length.

US weather conditions are beneficial.

"A Sunday morning freeze ended the growing season in the North-Central United States with temperatures in the upper 20s-low 30s F. Corn was virtually all ripe and thus safe from damage Freezing temperatures occurred as far south as Nebraska affecting most of Iowa, Wisconsin, South Dakota and Minnesota," say Martell Crop Projections.

"Nearly ripe corn would actually benefit from a freeze, agronomists say, due to the rapid drying that occurs afterward. The best scenario for fast crop drying is when warm temperatures develop right after a hard freeze. As luck would have it, very warm temperatures are predicted later this week in the freeze affected states. The outlook calls for Upper Midwest highs with abundant sunshine and breezy conditions. Perfect for crop drying and harvesting," they add.

Early calls for this afternoon's CBOT session: beans down 10-12c, wheat and corn 8-10c lower.