Early Call On Chicago

18/07/11 -- The overnight grains finished lower with wheat down 10-15 cents, corn falling 13-15 cents and beans down 8-10 cents.

Crude is a over a dollar and a half lower and the USD is up a tad. Gold has hit record highs and global stocks lower on continued EU/US debt worries.

Reports suggest that the weekend weather in the US was maybe a bit better than anticipated and there are also hopes for the "heat dome" to move away west later in the week.

"Scattered showers are in the Midwest forecast, beginning in the northern Midwest, but also affecting parts of parts of Nebraska, Iowa and Illinois by Thursday and Friday," say Martell Crop Projections.

"A collapse of the high-pressure ridge is possible early next week in the Midwest, when the dome of hot air retreats into Western United States. Cool Canadian air would make deep penetration into the Midwest especially east of the Mississippi River. Whether this is temporary or a fundamental change in the weather pattern is unclear," they add

Black Sea wheat and barley remain the driving force as far as export competitiveness is concerned.

European stock markets are lower and the Dow is likely to follow suit. EU grains are also a negative influence as they struggle to get anywhere near the prices being offered out of the FSU.

Early calls for this afternoon's CBOT session: corn down 12-14 cents, soybeans down 8-10 cents, wheat down 10-15 cents.