Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.

Good afternoon. More mixed/choppy trade at the board of trade on Tuesday, as an early day sell-off lost steam through the morning hours and led prices to finish closer to unchanged by the end of the day. The weather situation in Argentina remains the number one determining factor in price discovery through at least the end of the week, before USDA reports on Friday will give traders new data to chew on.

CH closed Tuesday at 4.58, up 1/4 of a cent. CK was up 1/2 of a cent at 4.65 3/4. Inside day for both. SH closed at 9.97 1/4, down 1/2 cent. SK finished at 10.07 3/4, down a penny. WH was up 2 cents at 5.42 1/2. Products were mixed, March soybean meal closed at 303.50, down $3.80/ton, and March soybean oil closed at 41.25, up 92 points. Of note, meal futures closed the open chart gap left from the opening on December 26th. Livestock markets were again mixed, February live cattle closed at 195.57, up 37 cents, March feeders closed at 267.92, up $2.37, and February hogs closed at 79.17, down 47 cents. Another new high for the move in live cattle, another new low for the move in hogs, and new contract highs in feeders. Outside markets are mixed, crude oil futures are up 60-70 cents/bbl, the Dow Jones index is down 180 points, and the US$ index is up 30-40 points. The S&P500 is down 70 points and the NASDAQ is down 380 points. Inside day for the $ index.

Spreads were mixed, corn spreads were up a quarter cent to down a half cent, and soybean spreads were up a quarter cent to up a penny and a half. CH/CK closed at -7 3/4, down 1/4 of a cent, and SF/SH closed at -5, up 1/4 of a cent. SH/SK closed at -10 1/2, up 1/2 of a cent.

USDA this morning announced a daily sales flash of 110,000 mt's of corn for delivery to Colombia during the 2024/25 marketing year. Of note, this is the first flash sale announced by the USDA since December 30th.

As we mentioned at the top, corn and soybean futures spent the morning hours on Tuesday trading in the red, but this decline failed by the noon hour. It seems that until the Argentine forecast takes a wetter shift or the trade finds out more on the impending tariff situation with our largest ag trade partners, markets will continue to see relatively close-by price floors in the short term. That being said, it is important to note that there is a difference between going up and not going down; just because prices have decent support doesn't necessarily mean they need to work higher, as the overall supply situation across the globe remains anything but tight. The other lingering piece of the supply/demand equation is the situation in China, where a declining economy is expected to cut demand for most hard goods on a year/year basis. The combination of large supply and slowing demand is not one that is overly bullish.

Data was largely limited on Tuesday, but did include an update to census export figures for the month of November. The data was better than USDA export inspection data for the month for all three of corn, beans and wheat, which the trade saw as friendly. Census corn exports in the month totaled 185.2 mil bu's, which was up 16% from October and up 32% from November of last year. Cumulative exports through the first quarter of the marketing year are seen at 513 mil bu's, which compares to 376 mil bu's last year and inspection data of 436 mil bu's. Census soybean exports in November totaled 363 mil bu's, up 5% from October and up 32% from the same month last year. Cumulative exports through Q1 of the marketing year total 819 mil bu's, which compares to 713 mil bu's last year and inspection data of 801 mil bu's. And lastly, census wheat exports for the month totaled 52 mil bu's, which was down less than 1% from October and up 23% from November of last year. Cumulative exports through Q2 are seen at 410 mil bu's, which compares to 309 mil bu's last year and inspection data of 404 mil bu's.

There continues to be few updates to the forecast through the mid-day on Tuesday, with a winter storm system still expected to bring snowfall to a corridor from southeast Oklahoma/northeast Texas east through Tennessee/Kentucky and into West Virginia Thursday/Friday/Saturday this week. Heavy rains will also accompany this system further to the south where temps allow. The Plains and northern part of the country are also expected to see light snows earlier in the week on Wednesday/Thursday. There remains model disagreement on the temperature outlook beyond the next 5 days, as the EU AI outlook is warmer than the ensemble models in the 5-10 day, and colder than the ensembles in the 10-15 day. 10-15 day precip outlooks are also in poor agreement, which means our confidence beyond the end of the week is low.

Mid-day forecasts for Argentina on Tuesday continue to show decent rains for the western third of Argentina, while lighter, more scattered rains are forecast across south-central growing areas over the next 3 days. The northern part of the country through Paraguay and into southern Brazil also trended wetter in the week-two period; it will be important the rest of this week that this shift remains, as this area, along with eastern Argentina, has been the driest of the regions ag belt over the past couple weeks. There was no change for northern/central Brazil, which continue to see near ideal forecasts for at least the next two weeks. There was no update to the temperature outlook at mid-day, with the warmest temps over the next week seen in Paraguay and west-central Brazil.