A mixed start is indicated this am, steady wheat and corn, 3-5 higher beans. Weekly export sales will not be out this am, delayed until tomorrow am by Monday's holiday. Some traders think grains are oversold and overdue for a technical bounce after falling around 60 cents a bushel in wheat, 50 cents in corn and $1.10 in beans just since the start of the year! This may be the case but I think it is dangerous to try to predict a bottom. In my view, it is better to wait until the market has actually turned around or at least given some sign of this before abandoning the ongoing lower trend. In other words, I think it is better to react than to act.

Argentina was dry the last 24 hours with above normal temps. More of the same is forecast the rest of this week until around Tuesday next week, if not longer. This could stress developing corn and bean crops so traders will keep an eye on developments in Argentina. Brazil continues to enjoy very favorable weather with more scattered rain the last 24 hours and additional scattered rain forecast over the next 5 days or more. Rio Grande state in southern Brazil will be the exception to this wet pattern as mostly dry weather is predicted there during this time. The wet weather in Mato Grasso will delay early bean harvesting.

Favorable conditions continue for dormant winter wheat in the US Midwest and southwest with no extreme cold weather threat in sight.