Early Call On Chicago

04/01/11 -- The overnight grains were mixed with beans around 2-3c higher, and corn & wheat down 1-2c.

Crude oil is slightly firmer and the dollar a bit weaker.

Fresh news is somewhat limited. Some rain overnight in Argentina was reported, with the possibility of heavier rains later this week. Temperatures are also seen cooler than of late.

Too much rain remains the problem in Australia. Quantity doesn't look like being an issue in the east, but quality and logistical problems do.

Falling livestock numbers due to foot & mouth and bird flu, along with rising feed prices may be curbing feed demand in South Korea, according to some reports.

Weekly export inspections from the USDA yesterday were pretty disappointing, although seasonal factors may have been at least partially to blame.

A survey by Farm Futures Magazine pegs the final 2010 US corn crop at 12.406 billion bushels with a 153.2 bpa yield; bean output is seen at 3.392 billion bu on a 44.6 bpa yield. In December the USDA said that corn production was 12.539 billion bushels using a yield of 154.3 bpa. Soybean output was 3.375 billion bu on a 44.0 bpa yield.

Early calls for this afternoon's CBOT session: Corn 1-2 cents lower, soybeans 3-5 cents higher, and wheat 1-2 cents lower.