In the overnight session the grains were mixed with corn lower, soybeans down 3 3/4 cents and wheat up 1 1/4 cents. The U.S. dollar is trading slightly higher with crude oil down 28 cents this morning. On Friday, the grain crushers strike in Rosario Argentina was resolved which should have a positive effect on exports out of Argentina.
Sunday provided precipitation that ranged from 1/4 of an inch to an inch of precipitation throughout eastern North Dakota, South Dakota and eastern Nebraska. In the southern Plains most of the precipitation fell in eastern Colorado with spotty showers spread throughout the western parts of Kansas, Oklahoma and the panhandle of Texas. This week’s weather outlook turns dryer for the southern Plains which is a break from the above average precipitation received throughout May. According to the Speedwell US Winter Wheat Index, the southern plains have received precipitation that runs 350 percent above normal throughout May.
After a week of hard selling, corn and wheat are closing in on support. July Kansas City Wheat has a previous low of 4.60 3/4 cents and July Corn is approaching the low set last September of 3.46 3/4 cents.
