Overnight markets had old corn down 1, new corn up 2 and soybeans up 11. Prices rallied up again strongly last night only to fizzle out in the early AM. This has been a pretty reliable pattern over the last couple months. Expect a really choppy week as we wait for two crop reports headed towards us in the next 4 weeks. Volatility is going to remain very high. Funds are estimated to be long 358,000 corn and 165,000 soybeans heading into the new month.
Brazil shipped out 2.5 mmt of beans last week putting February shipments at 4.5 mmt. Normally they would move 7 mmt or higher. March looks to get back to normal shipping 2 mmt plus a week.
Forecasts for South America are consistent with Friday’s forecasts. Limited rain for Argentina and most of Southern Brazil. Northern Brazil will see rain over the next week. The 11-15 day forecast has some rain chances for the south.
Have a Safe Day!