Grains are lower in overnight trading:

Mar Corn – 2 cents/bu (6.04 ¾ )

Mar Soybeans – 5 cents/bu (14.05 ¼ )

Mar Chi Wheat – 3 ¾ cents/bu (7.54 ¾ )

Cdn $ -0.00170 (78.97 cents)

WTI Crude Oil -0.56/barrel (78.34)

Grains have been under pressure for most of the evening trading session, as the trade prepares for Wednesday’s USDA January Supply and Demand Reports.  Soybeans managed to rally back to unchanged early this morning, but has since succumbed to modest selling pressure.

Weakness is primarily being attributed to the possibility of improved moisture chances in South America.  Argentina was dry over the weekend, and will remain so this week, with better chances for rains in their 6 t o10 day forecast.  Brazilian rains were confined to the northeast over the weekend, and that trend remains for the week as well, with rains looking to shift southward in the 6 to 10 day timeframe.