A lower start is expected this am, 7-10 wheat and 4-5 corn and beans. It is widely thought yesterday's late fund driven rally was overdone and a correction is likely this am, which contributed to overnight selling. The $ is higher while crude oil and equities are lower this am, a bearish combination for all the grains. We are set up for a "turn-a-round Tuesday" type trade where the market reverses course from Monday.

Funds were estimated buyers yesterday of 5-6000 each in wheat and beans, 12-15,000 corn with much of this coming late in the session. There were no bean deliveries again this am.

Yesterday afternoon's Weekly Crop Progress report showed corn harvesting in line with trade ideas at 25% done, but beans were less than expected at 51%. Both crops are well behind normal in harvest progress, 71% average for corn, 87% for beans. Winter wheat planting reached 79% vs 90% average with emergence 64% vs 75% average.

FC Stone will put out their Nov crop guesses tomorrow afternoon with Informa expected either Thursday or Friday morning.

Hot and dry weather is forecast for most of the Brazilian grain areas the next few days, followed by rain late this week into the weekend. Argentina will see welcome rain the next 5 days or more except in the southwest wheat belt, which is expected to remain largely dry.

The US delta will stay dry the next week or so, allowing for bean harvesting to proceed. Rain will follow this dry period, however, delaying any late harvesting. The southwest winter wheat belt will benefit from dry conditions today-Saturday, allowing for late wheat planting, with scattered rain expected Sun-Mon. The Midwest will continue mostly dry the next 6 days or so, allowing rapid corn and bean harvesting. Rain chances increase after that, especially in the west with the 6-10 day now calling for above normal rain there along with below normal rain in the east.