Early Call On Chicago

06/09/11 -- The overnight grains finished lower on economic jitters with beans down around 17 cents, corn 5-7 cents weaker and wheat falling 7-9 cents. Crude oil is the best part of USD3/barrel weaker.

We have a tug of war developing between US recession fears combined with European debt versus the apparently bullish fundamentals of falling US corn and soybean yields.

Allendale have today placed this season's corn crop at 12.466 billion bushels with a yield of 147.7 bu/acre and soybean production at 3.007 billion on a yield of 40.7 bu/acre. The corn yield is at least better than Lanworth's suggestion last week although still well below the USDA's August number.

Informa are expected out with their numbers mid-session.

Gold has hit another record high as money continues to look for safe havens. They are few and far between.

Early calls for this afternoon's CBOT session: corn down 4-6 cents, wheat down 7-9 cents, beans down 16-18 cents.