Wheat eyes a stronger dollar.

Argentina remains dry. Last week's minimal rains for Cordoba were -98% from normal. Buenos Aires last week saw 0.1 inch, -82% from normal. The same rain total for the smaller producer, Santa Fe, was -77% from normal. There is no sign yet of a pattern change coming in the next two weeks. As a reminder, weather at planting or during the vegetative growth stage is not a determinant of final yields. If the dry pattern does change whatever price premium from this story will be changed. Weather at reproduction and just after are the huge factors. The third factor, a relatively light one, is planting date.

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