Corn posts a new lowest close for the long term downtrend. Beans remain in a moderate uptrend. November 10, 2023
Brazil is in the moderate risk-on category right now. The main three Center-West provinces have seen normal/below-normal rains ahead of, and during, early soybean planting. Drew Lerner warns us temperatures this weekend will run in the upper 90's to potentially 110. Peak summer-type hit would be hitting in their version of spring. The general forecast ahead shows no change. We will lightly note the midday 11 - 15 day model does suggest 1 - 2 inches of rain for all areas. There is a light, valid, production hit to expect from weather to this point. The trade is lightly pricing additional premium based on the potential for no improvement in weather in the months ahead when reproduction hits.
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