Prices will be lower initially, 7-10 wheat and beans, 3-5 corn, following similar losses overnight. Malaysian palm oil fell 75 ringgit today, a negative background feature for our bean oil market. Equities and crude oil are lower while the $ index is higher, a bearish combination for all the grains.

The USDA announced this am the sale of 419,000 tonnes of US corn to Mexico, 113,000 tonnes of US beans to China and 110,000 tonnes of US beans to South Korea. There isn't much else in the way of fresh news this am to drive prices sharply in either direction but we will at least start lower due to the bearish weather picture.

Rain is not forecast for the drying out areas of New South Wales state in Australia until early next week. Only light, scattered rain is predicted in the driest part of Argentina's wheat belt, the southwest, the next 7 days, increasing the need for more moisture there soon.

There is no cold weather threat in the Midwest the next 7 days but colder temps are possible around 10 days from now, a possibility that the market will watch. The Midwest was generally dry over the weekend with warm temps. Continued mostly dry weather is forecast in the western half of the belt this week. The east will see scattered rain in the southern half of the region this week, dry elsewhere. Fairly widespread rain fell in the southwest winter wheat belt over the weekend, up to 3" in parts of Texas and Oklahoma, up to 1" elsewhere. Drier weather is forecast this week.