On the Grains:
Promise of rain in parched central Brazil through next week trumped excellent weekly export sales yesterday to pressure grain prices sharply. Prices seem to be stabilizing now, to see how well the forecasts pan out. The wet weather is a plague on soggy southern Brazil.
NOAA put out new winter weather forecasts yesterday. They show a warmer than normal winter ahead for the northern third of the country, but also drier than normal for spring wheat states and the Eastern Corn Belt. Heavier than normal winter precipitation for HRW states, however, would be welcome news.
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