Early Call On Chicago

19/09/11 -- The overnight grains finished lower with wheat, corn and beans all down around 6-8 cents. Crude is more than a dollar lower and the USD is firmer.

Risk aversion is in the driving seat again today, with lots of talk but little action coming out of Europe over the weekend. Greece is squealing as the EU and IMF poke it with a big stick, saying it must do more tidying up if it wants the next raft of money due next month.

"It's your own fault that you threw that big party and smashed all those plates isn't it? Get them tidied up."

Greece is saying that it might have smashed some of the plates but it certainly didn't smash all of them, so it doesn't see why it should be made to pick them all up. France and Germany, where the plates are made, don't know what to do.

Fresh fundamental news is thin on the ground.

Algeria have just bought 450,000 MT of optional origin wheat, probably from it's usual source - France. Tunisia has also been in the market booking 92,000 MT of soft wheat and 25,000 MT or durum.

The US weather outlook has improved a little. Some reports suggest that the USDA's next movement on US corn yields will be to peg them a bit higher.

Funds have been large sellers of late, particularly for corn, and money flows look set to dictate things once again this week.

Early calls for this afternoon's CBOT session: beans down 8-10 cents, corn down 6-8 cents, wheat down 7-9 cents.