Corn is up 1, soybeans are down 1 and wheat is up 5 to start the day.
Argentine farm associations yesterday came out in opposition of a planned government export tax hike, which would move corn and wheat export taxes from 12% to 15%. The government also reopened their grain export registry yesterday after it had closed on Monday; the Argentine peso was sharply devalued in between, to curb inflation and cut down their deficit.
Crop progress in Argentina is 49% planted in corn at rated at 40% good to excellent vs 18% g/ex last year. Soybeans are 60% planted at rated at 30% good/excellent vs 19% last year.
Hot weather has set in Brazil where temperatures were in the 90’s to 100’s and look to stay there until about next Thursday. Rain is forecast after the breakdown of the ridge that is supposed to drop .25-1.75 inches in some of the drier areas of Brazil.
Look for a quiet trade today in corn with some pressure in soybeans as traders take positions and monitor Brazil and Argeninta weather forecasts.
Producers should be making January and February sales to core bins and keep grain fresh. Targets of $4.65-$4.80 should be the goal with very little market news expected in the next two weeks.
Have a Safe Day!