Listen as Nutrien Ag Solution's Eric Snodgrass gives his latest outlook:

A lot of focus this winter has been in South America where Brazil’s early drought worries were eased by healthy January rains. Argentina’s growing season weather has been near perfect too which has prevented South American total grain production from falling far enough to spark a rally in our markets. Winter in Illinois has been a pretty wild ride with temperature swings, but what I am watching most carefully is how winter precipitation revives soil moisture ahead of Spring. Heavy rains (and some snow) have helped recharge root-zone soil moisture and the heavy rains in January has filled the river system dumping into the Mississippi River (which is now 23 ft above low stage). El Niño is fading slowly and the outlook for spring and summer is favorable given the information we have in early February. As long as the sea surface temperatures stay warm in the North Pacific our summer drought risk stays low. The main story – watch El Niño fade – the slower the better.