Corn makes a new lowest close for this long term downtrend.

The Rosario Grains Exchange reports today's 2 - 2.4 inch rains could be classified as a blessing. Two prior weeks of good rains and a two week forecast for normal rains show the transition to El Nino based weather is in effect. El Nino typically brings above-normal rains during our winter months, their growing season. El Nino is consistent with above trend yields for Argentine corn and soybeans. El Nino is not statistically tied to Brazilian corn and soybean yield changes. If the forecast makes the next move, to above-normal rains, we will put Argentina into the bearish side of the ledger.

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