Grains-

Opening grain calls, based on night markets, are lower to sharply lower. Corn -8-10, beans -20-25, and wheat -8-10. The China factor seemed to be in play overnight, as indications of an economic slowdown weighed on grain prices throughout the night session. Also, the U.S. dollar is firmer and equities are mixed. Harvest made good progress last week, with corn 47% done vs. the 5 year average of 41%, and beans 69% harvested vs. the 5 year average of 61%. Winter wheat planting advanced to 73% planted, close to the 5 year average. We could still see some harvest pressure in corn and beans after the huge rally of last week.

Tim Roth