Are the grains starting a recovery?

When I got to the studio this morning at 4:00 am the grains were trading a little higher. By the end of the overnight session we added to the gains and even opened firmer this morning at 8:30 am. The weather in South America, especially Argentina will likely determine if the small rally can continue. It had been hot and dry with a few light showers in Argentina over the weekend. Today the forecast was for more substantial rains. Normally we get the weekly export sales report on Thursday's but that is delayed until tomorrow because of the holiday on Monday.

CHICAGO (AP) — Grain futures were higher Thursday in early trading on the Chicago Board of Trade.

Wheat for March delivery was unchanged at 5.6125 a bushel; March corn was 3.75 cents higher at 4.30 a bushel; March oats were unchanged at $3.9950 a bushel; while March soybeans gained 7.50 cents to 12.87 a bushel.

Beef was lower while pork was lower on the Chicago Mercantile Exchange.

April live cattle was 1.35 cents lower at $1.4045 a pound; March feeder cattle was 1.12 lower at $1.6925 a pound; April lean hogs loss .57 cent to $.9240 a pound.