No long term solution yet for Brazil’s dryness.

Last week's 0.2 - 0.4 inch rains for the three main Center/West states in Brazil was far under the 1.5 - 1.7 normally seen for that week. After moderate rains this week they will return back to dry conditions next week. The Southern states will continue with unneeded above normal rainfall. 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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