Wake Up Call: Grain Markets on the Defensive

Influencing Factors

• A significant report is anticipated this Friday, which is causing some cautious trading.
• CONAB (The National Supply Company of Brazil) released some figures that were within market expectations, showing no major impact from weather conditions like excessive heat or insufficient rainfall.
• There was speculation about potential declines in Brazil's output, but the actual numbers did not reflect any drastic changes.

Market Reaction

• The market isn't finding much to rally on due to the lack of surprising data from CONAB.
• We're observing a pullback, possibly as the market corrects itself.
• I expect some volatility in the trading sessions today and tomorrow as we approach the release of the upcoming report.