Superstar Soybean Meal Outshines While Soybeans Remain Sideways

The Argentine forecast has slightly worsened. Week one is still seen with lightly below normal rains for just Santa Fe. Week two's forecast further dries out the below normal expectation for Cordoba and Santa Fe. We hold the belief soybean yields are just under trend due to a late planting penalty. February is the main month for their soybean yield determination. The latest La Nina forecast shows a 76% chance at La Nina conditions during Dec - Feb. February will be one of the transition months back to normal conditions by spring.

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