Early Call On Chicago

16/02/12 -- The overnight grains see beans 6-7 cents lower, corn around 2 cents easier and wheat flat to a cent lower. Crude is down 77 cents.

The dollar is firmer as the market adopts a bit more of a risk off strategy, with the Greek problem now looking like rumbling on past elections there in April.

The USDA have reported corn weekly export sales of 1,005,900 MT for 2011/12 and a further 61,500 MT for delivery in 2012/13, significantly higher than the 550-750 TMT expected. Wheat sales were 420,400 MT for old crop and 7,500 MT for new crop, a bit lower than the 450-650 TMT expected. Soybean sales were 436,700 MT for 2011/12 and 178,000 MT for delivery in 2012/13 - in line with the predicted 600-750 TMT.

Egypt bought three cargoes of US wheat at USD259/tonne FOB, confirming that US wheat prices are at last competitive into North Africa. Taiwan has also bought US wheat today.

Early calls for this afternoon's CBOT session: beans down 6-8 cents, wheat and corn flat to down 2 cents.