Great grain export sales all around.

Argentina is also off our list of concern. The forecast is normal to above normal rains. We have them at trend yields. We are still discussing the possibility of a change to El Nino conditions, above-normal rains. The current ENSO reading, 1.5 for August-September-October, is firmly in the El Nino area. This is the sixth strongest El Nino for this time since 1950. The two main models suggest that during January it may be up to 2.0 or 1.5. Either way, it is here and will be here during yield determination. Allendale's El Nino/yield work shows strong consistency for Argentina, above trend yields in corn and soybeans. Our work suggests it is not statistically tied to Brazilian corn and soybean yields.

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