Highlights
The majority of the weather forecasts predict good rains in the dry soybean areas of Brazil beginning as soon as Sunday. Here is the wettest example:
"Widespread rainfall over the past five days across the Brazilian soy belt. Models have accurately predicted relief for crops. GFS calls for high precip volumes coming in the next 10 days, with over 10 inches for Mato Grosso, major producing state. Cooling temperatures are maintaining adequate soil moisture for crops in the central west."
Yesterday, Bam Weather restated its Wednesday’s drier forecast:
"Major drought concerns for the highest producing soybean area in the world."
Market action when the CBOT reopens Tuesday morning at 8:30 AM Central Time will be very interesting.
Crude oil prices fell 3% yesterday as more shipping companies said they were ready to transit the Red Sea route, easing concerns about supply disruptions as Middle Eastern tensions stay elevated.