What Traders are Talking About:
* Weekend rains disappoint in Argentina. Light, scattered rains were seen across corn and soybean areas of Argentina over the weekend, but they weren't as heavy or widespread as expected. More scattered rains, along with cooler temps are in the forecast for this week. In Brazil, rains will continue to hamper harvest efforts in Mato Grosso. Scattered rains developed across southern Brazil Sunday and are expected to last until at least mid-week. Cooler temps are expected once the rains pass.
The long and short of it: The disappointing weekend rains across Argentina are price-supportive for corn and soybean futures to start the week.
* Private firms continue to cut Brazilian crop estimates. AgRural lowered its Brazilian soybean crop estimate to 70.2 MMT from 73.1 MMT previously. The firm said the decline was due to expected crop losses in Parana and Rio Grande do Sul.
The long and short of it: AgRural's Brazilian soybean crop estimate is now in line with most other private estimates.
* Chinese markets closed this week. The Chinese New Year celebration starts today and runs through Feb. 6. Chinese markets are closed this week, but will reopen Jan. 30.
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