Good, but expected, corn for ethanol and soybean crush reported.

Argentina is out of the risk-on category. Two prior weeks of good rains and a two week forecast for normal rains now show the transition to El Nino based weather is in effect. El Nino typically brings dryness to Argentina during our summer, their winter. But as the season transitions to our winter months, their growing season, it switches to above-normal rains. 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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