Grains Likely to Continue to Follow Outside Markets

A higher start is expected today, around 3-5 in wheat and beans, 1-2 in corn. Crude oil and equity markets are higher while the $ index is lower, a prescription for higher grain prices. Deliveries were 1400 lots in wheat, 1000 corn, no beans or meal, and 2100 oil. The date for wheat, corn and oil was March 5. There isn't much market moving news this morning so grains will probably continue in lock step with the outside markets. This has been the case so often recently, especially this week.

Brazil expects rain in southern growing areas the first half of next week, where it will still be welcome. The north will see light, scattered rain over the weekend with heavier rain the first half of next week. All of this rain is unwanted as it will slow corn and bean harvesting. Argentina will stay mostly dry the next several days following widespread, excellent rains earlier this week.

Hot and dry weather continued yesterday in the US southwest winter wheat belt and more of the same is forecast the next several days. Much needed rain is possible mid next week.-- Vic Lespinasse