Yesterday's market action was a classic turn-around Tuesday action. We hate that phrase because there is no rhyme or reason for it.
The interior Brazil soybean basis is firming. Cash basis traded yesterday in Sorriso for Feb delivery at -290H (290¢ under March futures). That basis was at -380H a few weeks ago.
Kory Melby yesterday morning:
"Tough week ahead for MT (Mato Grosso). Rain comes Dec 21 or so. But the below normal Nov and Dec totals will catch up with this crop. Too hot for the good bacteria and in the end, hits the yield. Lots of empty pods in early soy. Safrinha corn acreage will be down ~25%. In Goias, late planted or not planted. Forget about 2nd crop.