Early Call On Chicago

16/06/11 -- The overnights closed lower again with beans down around 12-14c, corn 7-11c easier and wheat 4-8c weaker.

Wonder if we may have fallen enough these past few sessions to flush out one or two bargain hunters this afternoon? The market certainly has a different feel to it this week, even though there are plenty of bullish stories about.

July corn is down 72 1/4 cents from last Friday's close with July CBOT wheat falling 58 3/4 cents and July beans down 33 3/4 cents.

Weekly export sales from the USDA were within the range of trade estimates, although nothing spectacular. The dollar is firm as investors shun the euro, and crude oil is flat.

S. Korea has bought 55,000 MT of corn from Cargill, Japan has bought 259,303 MT of US/Canadian/Oz wheat for August delivery. Algeria has bought 350,000 MT of probably French wheat and also 50,000 MT of feed barley.

For the time being market direction will be led by the funds willingness to continue to liquidate longs, with almost all other factors playing second fiddle. Who was it that said "speculators aren't driving global commodity prices" again? They drove them up and they're driving them back down again now from where I am standing.

Early calls for this afternoon's Magical Mystery Tour: corn down 8-10c, wheat down 6-8c, beans down 12-14c.