A lower start is forecast this am by overnight losses. The early call is 1 lower wheat, 3-5 down corn and 10-15 weaker beans. The $ is steady and crude oil only a little lower this am, not enough to influence grain prices at this time. In short, it is a slow news morning so the market will probably focus on the weather.

Yesterday afternoon the market rallied on the updated forecast calling for a possible freeze in the northwest part of the Midwest early next week but this am the latest forecast doesn't think the cold temps early next week will be cold enough to do much damage, if any, to corn and beans. This is the main reason prices fell overnight and are likely to remain under pressure this am.

The Federal Reserve Board's policy setting committee, the FOMC or Fed Open Market Committee, will announce any policy changes at 1:15 pm central time today. It is possible but unlikely this will directly impact the grain markets but if so it won't be until trading resumes Wednesday night. The G20 meeting starts today in Pittsburgh but here also it is unlikely anything said at this meeting will directly impact grain prices.

Much needed rain is possible this weekend in the dry areas of Argentina's wheat belt. There is a slight threat of damage from freezing temps the next 5-7 days in Heilongjiang, China's biggest bean growing province. Monsoon rains remain weaker than normal for this time in the season in India.

The southwest US saw widely scattered rain of up to 1" over the last 24 hours and more is possible today-Friday. More unwelcome, bean harvest delaying rain is forecast in the delta the next few days but drier weather is forecast this weekend into early next week. The Midwest will stay warm the next 5 days. Colder temps are still predicted early next week but it now appears little damage, if any, will result since temps are not expected to be cold enough.