8:45 Market Direction:  Corn down 2-3; Beans down 5-6

The grain markets are mixed this morning after another round of speculative selling on Monday as the funds continue to hammer the market lower. Fund selling may pause today with the 2019 planting season off to a slow start while the Midwest weather outlook appears a touch wetter than previous runs.

The weather outlook for the Midwest has moderate rainfall from 3 systems moving through the region over the next 10 days. The Southern Plains has rains finishing up in the eastern parts of the region before drying out through the weekend; rains return with good coverage the first half of next week. The Northern U.S. Plains stays generally wet with rains bringing light amounts through Thursday. Lastly, the Delta and Southeast could see an improved trend towards drier conditions over the next two weeks.

Weekly Crop progress report showing 6% of the US corn crop is seeded versus 5% a year ago and 12% on average.  Iowa reported at 4% complete, Illinois 1%, Indiana 1%, Missouri 16%, Nebraska 2%, Kansas 17% and Texas at 59%.

Weekly Crop progress report showing 1% of the US soy crop is seeded versus 2% on average. Arkansas is 6% complete, Kentucky 1%, Louisiana 16% and Mississippi 16%.

Winter wheat ratings improved 2% to 62% rated good to excellent versus 31% a year ago. 9% of the crop is headed versus 12% a year ago and 18% on average.

5% of the spring wheat is seeded versus 3% a year ago and 22% on average.

Stats Canada will release its estimates of Canadian acreage intentions on Wednesday. Concerns remain how much canola Canadian farmers will seed since China has halted imports of canola from two large Canadian traders.

China's corn imports in 2019 are expected to increase significantly due to a gap between domestic output and demand, the country's Starch Industry Association said on Tuesday.

Summary Items:
A lack of bullish trade news keeping pressure on markets.
Increasing rain chances in the 11-15 day for Central US.
AgRural est Brazil soybean harvest at 92% complete LW.

Corn - $3.96 Spring    

Beans - $10.16 Spring