A mixed start is indicated this am, 3-4 lower wheat, 2-3 down corn but 2-4 higher beans, following overnight trading. The $ is a little higher but not enough currently to influence the grains.

Index funds are expected to start moving their long positions from March to May today in wheat, corn, beans and oil. They will be late session spreaders for the next 5 days of May/March in these pits, which could pressure March relative to May. This activity is commonly refered to as the "Goldman roll" because Goldman Sachs has the largest index fund and this is when they will be moving or rolling their long positions forward.

Stats Canada estimated all wheat stocks as of Dec 31 at 21.7 million tonnes, durum wheat at 5.6 million, oats at 2.8 million and canola at 8.8 million. These numbers were considered a little friendly for all wheat and oats, neutral for canola and a little negative for durum wheat.

The Mar oil share lost slightly overnight and is now 40.58%.

Argentina had light, scattered rain the last 24 hours. More of the same is forecast today through Saturday or Sunday. The first half of next week is expected to be mostly dry with hotter temps. Brazil was mostly dry the last 24 hours. More of the same is predicted in the north (Mato Grasso) today through Monday with light, scattered rain Tue-Wed. The south (Rio Grande and Parana) will be dry today-Sunday with , up to 1" rain spreading south to north the first half of next week. More rain is likely the second half of next week. Conditions in both Argentina and Brazil remain very favorable overall, fostering ideas of increasingly large corn and bean crops.