Rains in Argentina, Southern Brazil and Liquidation Lead to Down Day
Weather is fickle. Although major producing province Mato Grosso looks to remain unfavorably dry and hot, moderate to heavy rains are slated to fall in much of Argentina and southern Brazil through the weekend. That, along with profit-taking and liquidation ahead of first notice day on December futures, led to a correction in grains and soybeans. Wheat led the way lower on liquidation and higher Russian production forecasts, resulting in a 21-cent lower close in Chicago.