Argentina returns to the news flow. January 30, 2023
After the prior two weeks of normal/above normal moisture Argentina will return to normal/moderately below normal over the next two weeks. The main two states of Cordoba and Buenos Aires will be mostly normal. Santa Fe is where a drying discussion takes place. In normal planting years January weather is the main determinant of their corn yields. Soybeans are traditionally made in February. The trade questions whether this is a short term anomaly in a generally improved forecast for February or if we are still set for La Nina conditions ahead.
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Allendale Insider
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Open interest continues to fall drastically
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