* Overnight trade has corn -2, soybeans +1, wheat even, crude +.50, dollar even, gold -14.5 and the Dow +148.
* Overnight markets mixed in trading following yesterday’s report and could see some short covering today.
* Brazil news outlet reported that for the first time since 2014 the Tieta-Parana river was open to commodity barge traffic after months of closures due to low water levels.
* Poet ethanol plants have cut back their hours of receiving grain at their Indiana and Ohio plants, while Alexandria, IN facility will not be open for a couple of days next week for maintenance.
* Russia says it will ban imports of corn and soybean from the U.S. due to pest and pathogen concerns.
Commodity Weather Group Forecast
In South America, weekend showers were at or above expectations in Argentina, favoring La Pampa, central Cordoba, central/southeast Santa Fe, Entre Rios, and central/western Buenos Aires. This system lingers in central/northern areas today, with additional rains likely by Friday/Saturday, late in the 6 to 10 day, and again in the 11 to 15 day. The moisture is quite timely to meet building corn/soy needs, and wetness concerns will be limited. Highs did rise into the low to mid 90s in central/northern Argentina and far southwest Brazil ahead of this system but will now begin to moderate. Brazil picked up the best rains in mainly western Mato Grosso, northern Mato Grosso do Sul, far southern Goias, southwest Minas Gerais, and northern Sao Paulo. While a few showers reach the south on Tuesday/Wednesday, the bulk of rains will continue to scatter into central areas this week and then lift to the Northeast in the 6 to 10 day. This will aid most coffee/sugar areas once again, although the return of wet weather to the northeast 10% of the corn/soy may lead to spotty issues after a wet January. However, the recent two-week break in rain has helped to limit concerns, and our outlook sides with guidance that starts to shift rains back to the south/west in the 11 to 15 day once again. While minor intermittent interruptions will occur to soy harvest/ safrinha corn seeding, no major concerns are likely, and sufficient rain should reach far southern soy to support late growth.
In the U.S., rain (.25 to 1.5″) lingered in the east 1/2 of the Southeast this weekend. Light snow (1
to 2″) scattered across the Midwest yesterday and continues today, lingering in the east tomorrow.
More light snow is possible late in the week. A strong cold push in the 6 to 10 day raises winterkill
risks for the Midwest, but the snow could provide needed protection. Delta wheat benefits from
over a week of dry weather prior to a wetter pattern next week, keeping wetness concerns low.
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