A mixed start is expected this am, up 1 in wheat, down 1-2 corn and beans, up 20-40 points in meal and down 30-35 points in oil. The $ is slightly higher this am, probably not enough to impact the grains very much.

South Korea is in the market for 165,000 tonnes of optional origin feed wheat today and Iraq is in the market later this month for 100,000 tonnes of optional origin wheat, but they often buy substantially more than their tender amount.

The USDA said the weekly export sales report, usually out on Thursday morning, will be delayed until at least Friday, maybe even into early next week due to the new major snowstorm in Washington.

Indian sources report they expect a record wheat harvest there this season of 82.6 million tonnes, due to recent favorable weather and a larger planted area. Reports out of Australia suggest Australian farmers will plant less wheat in the 2010-11 season due to low world prices and large world supplies.

It is hard to know which way the market is heading today, especially beans, after recent choppy trading. The friendly USDA report yesterday for beans and the much lower $ failed to keep beans from selling off as trader fears of an ever larger South American bean crop continue to hang over this market. It appears there was some profit taking in the oil/meal spread overnight as oil traded lower while meal edged higher. Mar oil share ended this am at 41.26% after closing over 41.5% yesterday.

Argentina will only see light, scattered rain the rest of this week but conditions remain mostly favorable after recent beneficial rains there. Southern Brazil will be on the dry side the next several days but rain is forecast to return to the region by early next week. Northern Brazil saw scattered rain the last 24 hours and more of the same is forecast the next 2-3 days. Conditions remain favorable overall.