Markets are unchanged to lower this morning with corn up 1 and soybeans down 8.
Weekly export sales came in at 37.8 million bushels which was a move in the right direction. Soybeans came in at 108.2 million bushels which was the highest since early November. We will need to average 45-50 million bushels over the next few weeks for me to become bullish US exports heading forward. If we fail to reach these levels, I think we may see another 200-300 million bushels added to US carryout numbers.
Brazil will see normal to above normal rains over the next 10 days. Argentina stays dry for the next 10 days with slight chances past that. This forecast looks the same as yesterday with a move to much wetter conditions in Argentina in the extended forecast. Temps have moved to more normal as the heat is expected to draw back. A wet forecast for Argentina is putting some pressure on beans.
Have a safe day!