Grains were mixed overnight:

Corn -2 cents/bu  (Mar @ 5.32 1/4)

Soybeans -8 3/4cents/bu (Mar @ 14.21 3/4)

Chi Wheat + 8 cents/bu (Mar @ 6.78)

Cdn $ -0.000505 (78.65 cents)

WTI Crude Oil -0.60/barrel (52.97)

A quiet night in the markets is anticipated to lead to a fairly quiet trading session today. Soybeans are engaging in some profit taking after big gains again yesterday. Markets will be closed on Monday for Martin Luther King Jr. Day and the three day weekend that lies ahead may deter traders from making big moves.

The NOPA December soybean crush numbers are due to be released later this morning. The trade expects to see 185.17 million bushels. If realized, that would be a new record, and would be 5.2% larger than last year.

Russia’s potential wheat export tax continues to elevate the market because if applied, their wheat would become more expensive to importers, making US wheat more competitive.