Grains are lower in overnight trading:

Corn – 5 cents/bu (May @ 5.47 ½ )

Soybeans – 5 cents/bu (May @ 13.95 ½ )

Chi Wheat – 1 cent/bu (May @ 6.12 ¼  )

Cdn $ +0.00050 (79.465 cernts)

WTI Crude Oil +0.40/barrel (61.37)

Grains are currently trading lower, close to their lows for the session, after being under pressure for most of the evening.  Old crop corn futures have been negative since the start of trading, while wheat, beans, and new crop corn have traded both sides of unchanged.  There is not a lot of new fundamental news in the marketplace this morning, but we will get the USDA Weekly Export Inspection report @ 11 am ET this morning, with another week of massive corn shipping expected.

Hard to imagine that grain futures will drift too much lower ahead of Wednesday’s combination of the USDA Quarterly Stocks Report and the USDA 2021 Prospective Planting Report.  While trade volumes are expected to remain light ahead of the release of those reports, Wednesday could be an extremely volatile day, since current USDA balance sheets for corn and soybeans leave little room for any major surprises on old crop stocks, and big 2021 production will be required to replenish pipelines.

The massive container ship that has been stuck in the Suez Canal since last Tuesday was partially refloated yesterday, as full moon high tides helped in the process of attempting to free the ship.  The bow section of the ship remains stuck, but hopes have been raised that vessel traffic might resume soon.

The weekend saw scattered showers in the USA Plains, with weather maps showing mostly dry and warm conditions for the next 10 days.  Meanwhile, most of Argentina and the southern half of Brazil got heavy rains over the weekend, with dry conditions expected in main production areas this week.

Grain futures trading will be closed on Friday for the Good Friday holiday.