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South American rains are expected to continue in the 6 to 10-day forecast, which is causing a grind lower in prices. This will likely limit production estimates going forward. Additionally, exports are expected to slow down during this time of year.
Moving on to corn, prices have pulled back slightly. Ethanol production has been strong, and the USDA may raise ethanol estimates in the upcoming report. Exports are expected to be moderate to strong, and recent exports have been strong enough to potentially warrant an increase in export estimates. Corn has been lacking exciting news to cause a significant bounce, but it may drift closer to the $480 level.
