Crop development continues to progress nicely in Brazil thanks to consistent rain showers.
In this week?s South American weather and crop update on the Iowa Agribusiness Radio Network, Allendale commodity broker Greg McBride says precipitation continues to rack up in South America?s major crop areas.
?We?re still seeing good rains coming across Brazil,? said McBride. ?Argentina continues to get enough rain to continue to push their planting and early production numbers. That?s exciting. We feel like there is going to be enough rain ? at least the next two weeks ? across Brazil to look for good prospects for their production down there.?
McBride explains that the La Nina weather pattern hasn?t taken shape in South America.
?It has not yet,? said McBride. ?That is something that could change. It?s just now starting to strengthen up. That will take some of the actual rain out of the atmosphere for them, but for night now, because it?s not that strong, they are still getting normal rains. Just last week, they had a couple of rains that produced some flood type production numbers. That?s not exactly what they want to see, but it did abate and gave them a chance to get back to the field. They are still moving right along as far as production and as far as finishing out that planting cycle.?
Brazil?s CONAB estimated soybean output at 140.8 MMT in their November update. That was 0.89% above their prior figure, but below USDA?s 144 MMT projection. The Rosario Grains Exchange reported soybean planting at 17% of the forecasted area, citing the lowest Argentine acreage total for beans in 15 years.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
