Highlights
The CBOT ag markets will not trade until 7 PM Monday evening due to MLK Day.
Yesterday morning the European weather model significantly reduced rainfall amounts for the next 10 days for Argentina. It had predicted 2½ to 3 inches (50-60 mm) before Friday morning's EUR model showed just a half to one inch (10-24 mm) in the Buenos Aires province which includes Salto, the sixth location on our rain day chart. It appears most (maybe all) other forecasters are sticking with their wetter forecast for the dry areas of South America.
Crop condition ratings in Argentina dropped the past week to 32% of the soybeans are rated good or excellent, down 17% for the week with 21% of the crop rated poor, up a whopping 13% for the week.
Argentina's corn is rated 39% good or excellent, down just 3% for the week with 14% rated poor, up 5% for the week.