In the overnight session the grains are mixed with corn up 1 1/2 cents, March soybeans down 1 cent, March Chicago wheat down 3/4 of a cent and March Kansas City Wheat down 3 1/4 cents. Traders are focused on recent rains in some US HRW growing regions and continued drought in Argentina.
The eastern half of Oklahoma and Northern Texas received precipitation over the last day providing some much needed moisture to some regions of the winter wheat crop. Kansas has only received precipitation in the very southeast corner of the state. The 6-10 day forecast and 8-14 day forecast both show better than normal probability for precipitation in the eastern half of Kansas, Oklahoma and Texas.
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The latest weather models show little change in the forecast for Argentina. Models show dryness throughout this week with the possibility of some rain next week but confidence in the event remains low.
Export inspections were within expectations yesterday for corn, soybeans and wheat. Total corn inspected for export for last week was 938,099 metric tons. Soybean inspections totaled to 960,066 metric tons and wheat totaled to 422,298 metric tons.
The FOMC minutes from the January meeting will be released today and will be the focus of many traders. Traders are watching for any indication of faster than expected rate increases. The market is currently anticipating three rate increases this year but the FOMC release could indicate a possible fourth.
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