Brazil stealing corn exports
Demand bears were quite pleased with their positions during the month of November. It’s no secret that corn demand has been shrinking for consecutive months. Increased corn production in Brazil and Argentina have been stealing corn exports out of the U.S. In recent months U.S. corn export projections from USDA have shrunk several hundred million bushels. In addition, October and November weather in South America was non-threatening. There is no story to date of weather concerns, which might reduce production during their current growing season.