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Argentina’s farmers, who are harvesting a record soybean crop, would have to boost storage investments if torrential rain forecast for the second half of the year materializes. El Nino is always bad news for Argentine farmers as it causes drought in some areas will and heavier rain in other areas, requiring more protection for stored crops.

Palm oil production has quadrupled; further ramp-up is likely.

Soybeans fell for the first time in three sessions after forecasts for rain in South America eased concern that developing crops would be hurt by hot, dry weather.

The area of the Corn Belt with less rainfall than normal has expanded to cover 70% of the region, with more dry days ahead this week, QT Weather says.

U.S. soybean production is projected at a record 3.390 billion bushels, up 375 million from the drought-reduced 2012 crop.

Soybeans rose in Chicago as speculation China is buying U.S. supplies boosted optimism the biggest importer will sustain purchases amid a bird-flu outbreak.

Soybean prices are weak and likely to get even weaker.

The Pro Farmer Crop Tour found some fields with pod counts 20% above last year, and reports a 44.9-bu. national yield, versus USDA’s 44 bu.

Consumption of palm oil will exceed production; soybean supplies ample

More soybeans could be planted across the U.S.; at least that’s how it looks according to a recent poll.