The drought that has plagued the Midwestern United States for some time now was fixed in part by December snowfall accumulation. The Midwest saw 68.4% of the region covered by snow with an average depth of 3.2 inches according to the National Weather Service.
With no snowfall in November and very little in December of 2011, this snow season has started off on a positive note. Unfortunately, that amount of snowfall equates to approximately a half-inch of rainfall. January and February will need several feet of snow in order to provide meaningful relief to areas affected by the drought. We remain bearish on corn fundamentally and on commodities in general from a macro perspective.