PEI GEC update

March soybeans were up 3 1/2 cents early Tuesday, still getting some benefit from dry weather concerns in Argentina. The weather outlook still looks mostly dry for the region, but northern Argentina is expecting rain in this week’s forecast. Brazil’s crop areas are expected to be drier this week. While Brazil appears to be headed toward a large, 4.0 billion bushel soybean harvest, the outlook for Argentina is not as clear and the persistence of dry weather has brought at least a temporary pause to the downtrend that prices began in mid-December. It is still difficult to see a strong up side on futures. The Can $ is still over the $.80 cent mark

New crop soybean contracts are now at $ 398 / mt  FOB the GEC elevators.
Price is subject to confirmation at time of call.