Early Call On Chicago

26/01/11 -- The overnight grains closed firmer with wheat leading the way around 10c higher, with beans and corn both up around 6-8c.

Algeria bought 800,000 MT of optional origin wheat in it's latest tender, bringing their purchases in the past four weeks to a suggested 1.8 MMT. Egypt hasn't tendered for anything yet this week, but are expected to make a move soon. Seeing as they import almost twice as much wheat as Algeria what might they be in for?

The Egyptian stock market fell more than 6% to a six year low today on nervousness over what the press there are calling the "Day of Anger."

Iraq and Saudi Arabia are also tendering for significant volumes of wheat.

China sold 164 TMT of wheat in today's government auction - more than last week but still only 3.6% of what was on offer.

The USDA today reports 60,000 MT of old crop and 167,000 MT of new crop soybeans sold to China.

Dock workers in the Argentine port of Rosario are striking.

Grupo Bom Futuro, Brazil's largest soybean grower, says that it is standing aside of selling in anticipation of higher prices to come.

Early calls for today's CBOT session: Beans up 8 to 10 cents, corn up 6 to 8 cents and wheat up 10 to 12 cents.