It is a weather market. Funds are sitting silently still, only waiting for the next big news, and weather might be just what they've been waiting for coming back to the game, in either a bullish or bearish way. We have much to monitor, from a possible La Niña formation to Brazil’s 24/25 crop season cane development. Regarding the latter, it is still rather soon to change our original 6% reduction to cane yields: precipitation was “ok” until November, and December and January dryness were scattered. NDVI levels do not pose a threat, but February and March, if also dryer, might be the spark that the bulls have been waiting for to try to drag prices up a little longer.