Early Call On Chicago

Posted by Nogger - a legend in his own mind at 12:47 | Categorized as

02/11/11 -- The overnight grains are mostly firmer with beans up 10-12 cents, corn up 2-3 cents and wheat around 1-2 cents higher nearby.

Crude is a bit higher and the dollar a bit weaker, both adding modest support.

Unlike yesterday nothing too bad has happened in the outside markets. Yet.

Fresh news is very thin on the ground, it's almost as if we've got used to outside influences driving the market now.

There's talk of bargain-hunting emerging with beans having fallen to three week lows last night, but are these the same bulls who drove the market up last Thursday in a very short-lived wave of europhoria?

The market doesn't seem to want to go lower, but lacks the conviction to move higher either given the quagmire of debt engulfing Europe. The latter isn't going to go away any time soon though.

Early calls for this afternoon's CBOT session: beans up 10-12 cents, wheat up 1-3 cents, corn up 2-4 cents.