WHEAT – Down 2 to 3 cents per bushel. –  Profit-taking is expected after Tuesday’s rally peaked around $8 a bushel.  Poor condition of Australian crop continue to support the Wheat market.
CORN – Down 1 to 2 cents per bushel.  –  A setback can be expected following  the nine-session winning streak in which prices hit highest level since July 2008 on continuous basis. Concerns about crop development in Argentina to limit decline.  Hot and dry weather across central Argentina to boost stress on corn crop as it enters key pollination phase. Few light showers seen for weekend, but temperatures to remain above to well above normal.
SOYBEANS – Down 6 to 7 cent per bushel.   – Weakness during the overnight session could set the tone for soybean market today. A profit-taking setback may be enough to pull prices back form the highest level since September 2008. Weak crude oil market adds pressure.  Private U.S. crop analyst Michael Cordonnier lowers forecast of Argentina’s 2010/11 soybean production to 48 million tonnes. Hot and dry weather forecast for main soy-growing areas of Argentina during next seven days.

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