A slightly lower start is indicated this am, 1-3 wheat, 1 corn and 3-5 beans. Some traders think yesterday's rally was a bit overdone and prices need to correct or consolidate this am. The $, which was very weak yesterday and the main driver of the big gains in the grains, is slightly higher this am, a negative influence for the grains. Traders will continue watching the $ all day for guidance in the grains.

The Jan NOPA crush was slightly better than expected at 162.4 million bushels. Oil stocks were in line with trade ideas at 2.695 billion lbs.

There isn't a lot of fresh news this am but tomorrow and Friday the annual USDA outlook conference in Washington will reveal what the USDA is thinking for with regard to production, demand, carryover, etc.

Argentina was mostly dry the last 24 hours. Some scattered rain is forecast tomorrow in parts of Buenos Aires province. Rain is forecast in the northern growing areas this weekend, in the southern areas early next week. Brazil saw up to 1.5" of rain in northern and central areas the last 24 hours with mostly dry weather in the south (Rio Grande). Mostly dry weather is forecast in Parana and Rio Grande states today-Saturday but scattered, light rain is forecast Sun-Mon. Rain is predicted in central and northern areas (Mato Grasso) today-Friday, up to 1.5" followed by light, scattered rain this weekend into early next week.