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Cereals and oilseeds closed with significant increases driven by the USDA report and adverse weather conditions in South America; specialists warn about uncertainty at the international level and give recommendations to producers

European soybean meal prices have risen by 5% to a range of $366/mt-$377/mt CIF Netherlands since drought was first declared four weeks ago in Argentina, a main supplier to Europe, a leading supplier of soybean meal to the region said Jan. 16. Argentina-origin product was at the high end of the range while Brazilian product was at the lower end, sources said. Argentina’s Rosario Grains exchange said Jan. 11 that the last 20 days has seen a notable deterioration of crops such as soybeans in the north of Buenos Aires and the extreme south of Santa Fe, due to the lack of rain. “In the region, 19% of the fields are in average to poor condition, 49% are in good condition and 32% are in very good condition. Last year, at this same time, 95% of the fields were in excellent to very good condition, favored by the influence of the “Niño” phenomenon,” the exchange said. The exchanged also warned that, without rain in the next few days, the most advanced fields could begin to lose yield. Denma

Chicago corn and soybean futures steadied on Friday after a drop in the previous session, as traders focused on rain forecast in Argentina. Wheat eased on stiff export competition. Trading was subdued as participants prepared for a three-day holiday weekend in the United States and awaited direction on U.S. trade policy when Donald Trump returns to the White House on Monday. The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.3% at $4.75-3/4 a bushel by 1333 GMT, while soybeans gained 0.7% to $10.26 a bushel. Corn and soybeans fell sharply on Thursday in profit-taking after reaching one-year and three-month highs, respectively, earlier in the week. Parched conditions in Argentina along with bigger than expected cuts to U.S. Department of Agriculture supply forecasts had fuelled gains in corn and soybeans in the past week. But the heart of Argentina’s crop belt should get rain by the end of the week, though hot, dry weather may return next week. “Argentina