Early Call On Chicago

21/11/11 -- The overnight grains closed lower with beans around 9-10 cents weaker, corn down 6-7 cents and wheat 5-7 cents lower. Crude oil is around a dollar weaker and more than six below last week's high.

It's another risk off day with corn approaching the six dollars mark. European stocks are all down in the region of 2-2.5% with the US debt ceiling back on the agenda along with Moody's warning France on it's AAA credit rating and Hungary requesting financial assistance from the IMF/EU.

China's Vice Premier Wang is warning that the global economic outlook remains grim. It's unusual for a Chinese official to be so candid. Maybe the word "grim" was dumbed down for the public compared to what he really foresees?

US competitiveness is also under question. Egypt stuck with Black Sea wheat again over the weekend. Once more US wheat didn't get offered.

Meanwhile last week's export sales for corn were a disaster and news today that of the 3.8 MMT of soybeans China imported in October only 0.5 MMT came from the US is hardly inspiring either.

Syria is re-tendering for 100,000 MT of wheat having pulled last week's tender saying that prices were too high.

Early calls for this afternoon's CBOT session: beans down 8-10 cents, corn down 5-7 cents, wheat down 6-8 cents.