We apologize for yesterday's email stating the price changes of the outside markets. Certainly some of you had a near heart attack when we reported the markets were trading when you thought they were not. You were correct, they were not trading. Crude oil started trading last evening and the ag commodities will open at 8:30 AM Central Time this morning. A lack of attention to detail is a vice, especially in our business as a service to you. Again, we apologize.
Be at war with your vices, at peace with your neighbors, and let every new year find you a better man. Benjamin Franklin
The European weather model updated yesterday afternoon does not include any rain in Argentina for the next 10 days.
Each day, we report the number of days rain is expected for the next ten days for various locations in key crop areas of the world. The South American weather is the focus of the market this time of year. The beans in Brazil are grown in two different weather zones; 85% of Brazil’s beans are grown in the northern part where a La Niña episode brings above normal rainfall and, with it, slightly above normal yields while 15% of Brazil’s beans are grown in the southern state of Rio Grande do Sul, located east of Argentina’s crop land where a La Niña episode brings drought to both areas as well as Paraguay located north of Argentina and south of Central Brazil.
As a rule of thumb, Brazil produces 150 million mts of soybeans, Argentina 50 million mts and Paraguay grows 10 million mts and is the world’s #5 soybean exporter.