FOR WEDNESDAY: (2/7) SA weather markets are back. Argentina weather continues to be a key grain market mover this winter, as a fresh set of slightly drier forecasts handed out double-digit gains for soybean futures, with corn prices seeing a moderate bounce as well. Wheat prices also finished higher on U.S. weather woes – namely, drought conditions that persist in the High Plains and other key production areas. Luckily we took partial profits on beans but did not get out of corn. Our work had suggested weather problems in SA in Feb. and we had see cycle lows into Friday, but that may come after March corn hits 368 and March beans 998. Weather is fickle but we have to get out at this point.
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