There was no USDA export announcement of a large sale of any commodity during the CBOT breakfast break yesterday morning. That apparently was the cause for the market trading smartly lower when trading resumed at 8:30 Central. A large export sales announcement 9 of the past 10 days coupled with the worst growing season in Brazil since they started planting beans 60 years ago, was not enough for the market to keep a positive price outlook.
The weather models turned a little wetter for Northern Brazil for Dec 25 & 26 with 1 to 2" rain expected for Mato Grosso, Goias and Bahia. Some forecasters say they see more consistency of rains in each model run. The GFS model is in more agreement with the EU model, but still warmer and drier in the 6-10 day outlook.
No one is predicting that the rainy season has started with its normal rainfall of 3 to 5 inches per week for the next five months.