Highlights
Weather in Argentina is the single most important factor for the price of soybeans from now until the rains start. Argentina’s crop areas saw mostly 100°F (38°C) or higher yesterday as the debate about when the showers will start became the number one topic for the bean market. There is no consensus when the showers will come, but there are plenty of opinions and conflicting forecasts.
Reuter’s World Agriculture Reporter Karen Braun issued this report after the market closed yesterday that sums up the situation quite well:
"Tuesday's (weather) model runs for Argentina are not materially different than they were on Monday. Still suggesting a few showers in the next couple weeks, but unlikely to amount to what is needed and definitely not the amounts that were floated last week."