As I have mentioned many times in the past the market seems to have a tendency to reverse course on Tuesday from Monday, especially when prices moved sharply on Monday. The early call is 5 down in wheat, 1-3 lower corn and steady/mixed beans. The $ is a little higher but not enough to mean much as far as the grains are concerned. Crude oil, however, is down triple digits and this could put some pressure on corn and bean oil because of their alternative fuel connection with crude oil: roughly 1/3 of the US corn crop is used to make ethanol while just over 10% of US bean oil is turned into bio diesel fuel (methyl ester). There isn't a lot of fresh market moving news so far this am.

Argentina saw up to 1.5" of rain the last 24 hours in northern and eastern Buenos Aires province while up to .6" was scattered across the rest of Buenos Aires, Cordoba and Santa Fe provinces. Mostly dry weather, which will be welcome, is forecast today through Sunday, allowing wet fields to dry out. Up to 1.5 rain fell in southern Brazil the last 24 hours and more is forecast today-tomorrow, . Northern Brazil was mostly dry the last 24 hours with more of the same forecast today-tomorrow. Scattered rain is predicted Fri-Sun.