Beneficial rain was received over some of that area this past weekend. Forecasters are divided in their opinion of the timing and amounts of additional rainfall. It appears that a disaster has been avoided, but average yields will likely fall below those of the past two years.
Acreage is also down in Brazil.
Argentine crops are progessing nicely, for the most part. Weather uncertainty and strong world demand will continue to support prices. Higher prices would only be likely if the US stays dry into the planting season. A decision by the USDA to allow an early out of CRP acres would offset some production concerns for 1996.