Early Call On Chicago

Posted by Nogger - a legend in his own mind at 14:29 | Categorized as

01/06/11 -- The overnights closed mostly lower, led by wheat which finished with losses of around 10-12c, corn was 2-5c lower and beans down 1-3c.

Crude is a tad lower and the dollar barely changed.

Wheat is lower on the back of the Russian news and also some ideas that France and Germany may be in for a wet weekend. QT Weather are forecasting "a much wetter period seen starting late this week and lasting into mid-June."

They're giving 0.5-1.0 inches in Western France and up to 2-4 inches for the rest of France and into Germany & Poland.

Two weeks from now these rains are seen spreading east into Eastern Europe and the FSU, whilst continuing in France and Germany, they add.

In the US, a the warmer and drier outlook should be favourable for early crop development and planting of what is left to go into the ground.

Early calls for this afternoon's CBOT session: wheat down 10-12c, corn down 3-5c, beans down 2-4c.