I believe that's why beans probably opened higher this evening................after slipping during the day session because of a good rain event coming to S.Brazil this weekend.
A chance for more rain events later in week 2 but the one this weekend is important.
very odd vol jump at 722 am. big guys covering, algos? stars align? up 16 cents at on en point
January’s three to four weeks of dryness has hit another group of crops during their reproductive cycle. The full season crops were reproducing and filling this month, and that makes the dry weather bias quite untimely once again. Additional yield losses have occurred, but rain deficits have varied greatly just like the soil types in Brazil vary greatly.
latest video of western parana drought
Some places in Parana are getting a huge rain as we speak mcfarm. This is why the beans sold off hard towards the end of the day on Thursday and Friday, with models showing this.
There were some places that missed the rains, however and it doesn't look like any more significant for a long time in S. Brazil. Temperatures will be on the cool side there.
OK, the GFS and ensembles do have a "chance" of another rain in 10 days. Not so for the European and its ensembles.
Note how dry that its been in Brazil the past 30 days.........wet in Argentina:
Crop Calendar for Brazil:(beans were planted a couple of weeks early this year....will be ready early:
Crop calendar for Argentina:
Care to translate that into English?
Export inspections just out(nothing to write home about):