South American weather keeps corn, soybean markets on edge
While most folks enjoyed the holidays, the grain markets, specifically corn and soybeans, experienced a notable late-year rally. Corn futures rose back above $6 per bushel and soybeans back above $13.50 per bushel. Most of the rally has been driven by a South American weather forecast that has turned drier.
The outlook for South American weather into the first two weeks of January points to net drying, adding to overall stress for crops in both Brazil and Argentina. Some regions in central and northern Brazil saw rainfall last week, but most of the country remains dry for the next few days. The worst areas continue to be the southern region of Brazil and Argentina.
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