The price rebound continues this week amid nearly daily export interest for US corn and beans. Corn prices have come all the way back from last week and are at new contract highs. Look for more sales announcements yet this week on both corn and beans. Weekly EIA report will be out today and is expected to show steady ethanol production and stocks from last week. Soy crush margins remain under pressure which should begin to slow overall crush pace in the next couple of months.
South American weather has generally been better as of late, although parts of Argentina remain dry. Brazilian bean harvest has begun, but is behind schedule….which will also delay the planting of their 2nd season corn crop, which is impactful for world corn supply timing. Brazilian trucker strike still set to start Feb1, despite less than unanimous support.
Volatility will continue with prices as we enter spring planting decisions and early weather in the northern hemisphere.
Corn: up 5-7c
Beans: up 10-15c