South American weather will dictate the direction of the corn market. “We’re focusing on what goes on in the north, central and eastern parts of Brazil where the big Safrinha crop areas are at where corn got in so late,” said Darrell Holaday, market analyst, Country Futures. “It will be dry for the next few weeks, encouraging more soybean harvest, but the corn went in late. What happens at the end of April will be critical.” Holaday said the corn crop is going in much later than it should. “The USDA and CONAB are estimating a record Safrinha crop, but this is hard to fathom when they’re putting in the crop way later than normal.”
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