Shortly After The Bell

14/01/11 -- Shortly after the opening of today's CBOT session wheat is leading the way lower, with March down 16c, March corn down 7c and March beans 15c lower.

Profit-taking looks like the name of the game ahead of a three day weekend. Uncertain weather forecasts for Argentina could make things look different again come Monday night.

"Oppressive heat is causing serious moisture stress with 90s F but strong thunderstorms are on the way, promising for .5 to 2 inch rains. Showers began last night in the western growing areas but amounts were extremely variable from traces to 1 inch. More rain is still coming. It is a dicey situation because extreme heat will prevail in the northern grain belt. The worst conditions would be in Cordoba, Santa Fe and Entre Rios where daytime highs may exceed 100 F on the weekend," say Martell Crop Projections.