Back from the weekend, traders may be a little cautious with an eye on outside markets as the Federal Reserve starts a two-day meeting Tuesday and is expected to increase the federal funds rate target on Wednesday. Traders will also be checking for rain prospects, especially for HRW wheat areas. USDA's weekly report of export inspections is due out at 10 a.m. CDT Monday, followed by the Crop Progress report at 3 p.m.
Weather
Scattered showers left over from the weekend continue over the eastern Midwest on Monday. Additional showers are developing with a weak system in the Northern Plains and Canadian Prairies. But over the rest of the country and particularly in the Central Plains, heat is building with temperatures well above normal forecast for the next couple of days. Recent showers did not fall over much of the winter wheat areas of the country which continue to suffer drought while the heat is also unfavorable. Showers may have and continue to have some negative effect for mature corn and soybeans waiting to be harvested.