Back from the weekend, traders will be paying close attention to South America's weather reports and forecasts and any outside news that might have occurred. There will also be interest in how cold temperatures got in the southwestern Plains. USDA's weekly report on export inspections is due out at 10 a.m. CST. Traders are also aware the Fed is expected to raise the federal funds target by 0.25% on Wednesday.
Weather
Very cold air in association with an arm of the polar vortex continues to settle into much of the Plains and western half of the Midwest Monday. The cold threatens livestock and any exposed wheat. The front is hung up from Texas to the Ohio Valley and periods of showers will develop along and behind the front over the next few days as it slowly sinks farther southeast this week. That will induce some wintry mix of freezing rain and snow across the Southern Plains up into the eastern Midwest over the next 24 hours.