Weather models flip from dryer yesterday noon in Argentina to wetter overnight.

This morning’s grain trade is lower on corn and sharply lower on soybeans and wheat as yesterday’s pre-noon forecast was pulling rain for Argentine this weekend but then put them back in again in the

This morning’s grain trade is lower on corn and sharply lower on soybeans and wheat as yesterday’s pre-noon forecast was pulling rain for Argentine this weekend but then put them back in again in the evening and overnight. The 8-15 day window models for the GFS puts Northern Argentina and Southern Brazil in line for some meaningful rain. If realized, Argentine corn and soybean yields will only experience modest losses and be regional. Meanwhile, southern Argentina will continue to look for better rain chances. Current guesses show that the Argentine corn crop stabilizing down 3-4 MMTs from the USDA’s numbers and soybeans down 4 MMTs, as opposed to the conversation that losses were going to grow to 10 MMTs quickly.