All eyes are on the rain in Argentina today, as soybeans slid for a second consecutive day in Chicago. As Richard Feltes, a vice president of research at R.J. O’Brien & Associates, said in a report yesterday that there should be enough rain fall on at least three-quarters of Argentina’s soybean and corn crops.
As Erin FitzPatrick, an analyst at Rabobank International in London, said, “Argentina is forecast to have the most amount of rain since November in the 10- to 14-day forecast. There’s a chance for yields to stabilize. February is critical for Argentina.”
