Early Call On Chicago

21/06/11 -- The overnights closed firmer on bargain hunting with beans up 11-13c, corn up 13-15c and wheat 8-11c higher. NYMEX crude oil is almost a dollar firmer and the US dollar a bit weaker, both of which are supportive.

US weather is turning hotter and drier, which maybe won't do too much harm. Plantings have caught up for corn and beans, although still lag for spring wheat. Canadian sowings are also behind.

There's a bit more optimism about that Greece will get the bailout it needs, hence a vibe that prices have fallen enough for now. Some recent tender/purchasing activity from assorted buyers is encouraging the notion that the bottom-pickers are out.

All bets could be off pending developments in Greece this afternoon. Fitch and S&P's have both said that a softening on lending by commercial banks being lent on by government in the likes of France and Germany would be considered a default anyway.

That would lead to a lowering of Greece's already pants credit rating, meaning that some lenders would be forced to offload their Greek "assets" according to the BBC.

The newly reshuffled government face a confidence vote tonight.

We might as well forget here and now what the grain market fundamentals are. If, and it could be more likely when, Greece goes down the pan fund money may stampede for the exit door rapido.

Early calls for this afternoon's CBOT session: corn 13-15c higher, wheat 8-10c firmer and soybeans up 10-12c.