Highlights
A surprise for the day is water levels on the Lower Mississippi are actually higher than they were last week. Somebody must have opened some gates up stream last week.
La Niña will take a break. Both the 6 to 10 day and the 8 to 14 day weather forecasts predict above to much above normal rainfall from Indiana all the way to the West Coast. Consistent decent rainfall for two weeks will slow the last of the harvest, which will firm the basis and support futures prices.
And get barges moving more efficiently, on the rivers which will:
Increase the export pace, which will firm the basis
Lower barge freight rates, which will firm the basis
Give the hard red winter wheat crop a chance to survive the winter