Grains are mixed at in overnight trading:

Corn + ¼ cent/bu (Dec @ 4.14 )

Soybeans + 2 ½ cents/bu (Nov @ 10.74 ½ )

Chi Wheat – 5 ½ cents/bu (Dec @ 6.24 ¼ )

Cdn $ -0.00160 (76.005 cents)

WTI Crude Oil +0.33/barrel (40.36)

Large swings in grain futures overnight, with corn and soybeans trading both sides of unchanged and wheat lower from the opening bell.  Row crops have recovered to show small gains this morning, as expectations of tightening USA grain stocks support the market.  USDA Weekly Export Sales will be released a little later this morning, with the trade looking for another week of big sales totals.

Snow and rain fell across the northern Corn Belt yesterday and overnight, with those rains forecast to move south, right down to the USA southern Plains.  The moisture will disrupt the pace of USA harvest for the next few days, but will bring some welcome moisture to parts of the USA hard red winter wheat belt.

Internationally, very good rains are falling in Argentina.  Brazil’s precipitation is more scattered, favoring northern production zones while the south remains mostly dry.  Russia’s winter wheat belt is getting some showery activity, must large moisture deficits remain in place.