It now looks like Omicron is manageable, which supports macros and ethanol but otherwise there are few new commodity market inputs. That led to an opportunity to unwind overbought positions in wheat, corn, and soybeans. The fundamentals are the same and the corrections may spark some buying on the breaks.  The weather outlook is steady with a chance of isolated precipitation in droughty parts of South America but not enough to lift concerns over adverse impacts to crops. The corn crop is the most adversely impacted and around a quarter of Argentina’s corn is silking amidst overly hot and dry conditions. By contrast, it is so overly wet in central and northern Brazil that cities are in states of emergency over flooding. One gover...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, North America