Overnight Grains Close, Early Call

The overnight grains began the week in defensive mode, with beans down around 6-8 cents, wheat 3-4 cents easier and corn off around 5-6 cents.

The continued fallout over Golden Sacks that started on Friday has the market feeling nervous, with the accompanying flight to safety boosting the dollar, thereby weighing on commodities.

Crude is more than USD2/barrel weaker, which will also pressure grains.

The pound and euro are also under pressure due to the economic effect of the virtually halt to flights in Europe due to the Icelandic volcanic eruption.

It's been a great week in the Midwest, where US corn plantings may have advanced to 20-22% complete by April 17, up from 3% the previous week, according to Martell Crop Projections. The USDA will release updated progress figures after the close tonight, normal is around 10% for this time of year.

Shower activity is expected to increase from midweek, with widespread heavy rains kicking in by the weekend. "The 6-10 outlook for April 24-29 is not promising for rapid planting, featuring below normal temperatures and above average rainfall," they add.

Soy will get some support from talk that US exports to China will get a boost from the ongoing spat with Argentina. Chinese bean imports are expected to be record large in May and June.

Argy farmers are proposing a strike on 3rd May.

The Indian wheat harvest is well advanced, although yields may have been trimmed by temperatures well above normal this month and last. Bangladesh has bought 300,000 MT of Russian wheat over the weekend.

Early calls for this afternoon's CBOT session: corn called 4 to 6 lower; soybeans called 6 to 8 lower; wheat called 2 to 4 lower.