DAILY COMMENTS:

Active overnight trade. Grains opened lower, rallied to new highs before succumbing to profit taking and new selling which produced a wide ranging high volume trade.

Early Call... 5-7 lower on stronger US dollar and weakness in grains generally.

Corn traded in a 13 cent overnight range. Weekend Midwest harvest reports confirmed the same lower yield trends of the past 10 days, but we also are starting to find some better corn yield reports in the north. Look for weekly crop condition ratings to hold steady or decline 1%. Also look for an early week top in the grains with profit taking heading into Friday's key September USDA crop report. The downside price target for December corn is $4.43-4.51.

Early Call... 1-3 lower

Soybeans traded in an 11 cent overnight range. The soybean market has held much better than either of the grains on a lack of aggressive profit taking. November soybeans having support at $10.19-10.25.

External financial markets are all weak. The US dollar is sharply higher with both crude oil and gold both weaker. October crude oil futures is down $1.70/barrel at $72.90. Gold is down $3/oz at $1,248.70.