A mixed start is indicated this am by overnight activity, steady wheat, 1 lower corn and 4-5 higher beans. The $ is a little lower this am but probably not enough to strongly influence the grains, as is the case in crude oil and gold, which are mixed currently.

There were no meal deliveries this am, as expected, along with 1000 beans and 5800 oil. Dreyfus took delivery of small amounts of both.

Some traders think the index fund rebalancing will start today but most think it won't begin until Friday on a large scale. Spec buying in anticipation of this pushed prices higher yesterday and lifted open interest 4000 in wheat, 27,000 in corn and 5000 in beans.

Brazil and Argentina remain garden spots with very favorable conditions continuing to benefit the crops. Scattered rain with no extreme heat is forecast in both countries over the course of the next week or so, which will further help crop development.

Very cold temps in the US Midwest are forecast to continue the rest of the week but milder weather is predicted next week.