Prices were mixed with only small changes overnight, reflecting the lack of significant market moving news this am. The $ is a little higher while crude oil is a shade lower, not enough to impact the grains at this time. The big USDA crop report is only 48 hours away and many traders are content to simply wait to see the numbers before getting actively involved in the market again.

Conab, the Brazilian version of the USDA, estimated their upcoming bean crop at 62.3-63.3 million tonnes vs 57.1 million last year. They put the corn crop at 50.9-52.2 million tonnes vs 51 million last year. Conab's wheat guess was 5.25 million tonnes vs their Sep guess of 5.85 million. Conab's bean and corn guesses are their first guesses of the new season for these crops.

Here are the preliminary estimates for Friday's USDA reports: ending 2009-10 wheat stocks 798 million bushels; corn 1.675 billion bushels and beans 257 million. Corn production 12.993 billion bushels with a yield of 162.7 bushels per acre (bpa); beans 3.291 billion with a yield of 42.9 bpa.

India's Farm Commissioner says recent rains have flooded some areas, damaging various crops but the rain is beneficial for the winter wheat crop. Ukraine's Farm Minister says a severe drought is gripping part of the grain belt, damaging crops such as wheat.

Here in the US, the delta will see more unwelcome, bean harvest-delaying rain the next few days but drier weather is forecast this weekend into early next week. The southwest winter wheat belt saw scattered rain the last 24 hours with more forecast the next few days. The Midwest had scattered rain the last 24 hours and more rain is forecast the next few days, especially in the eastern half of the belt, where up to 2" could fall. Very cold temps are predicted this coming weekend, probably ending the growing season in much of the northern half of the Midwest. This could do significant damage to the corn crop.