date:Nov 27, 2012
Fundamentally, South America had production concerns, good ethanol production considering crush margins, and a surprising export sales report for corn. On the technical side, long term trend support held in soybeans and the bottom of our recent channel in wheat acted to support prices.
On the South American front, private analyst Oil World revised their production estimate by 3 million metric tons for the current marketing year. Oil World pointed to slow planting pace in both Brazil and Argenti