Both Brazil and Argentina have dry weather in the current forecast, which will help them work on harvest. However, Argentina will likely see some rains in the next 6-10 days, which would obviously hinder them a bit. Allendale commodity broker Greg McBride provided a breakdown of the weather forecast for South America.
Argentina is behind the 5-year average for corn harvest progress, which won?t see any help from the upcoming rain. However, they are ahead of last year’s progress, so things aren?t looking too grim. On top of that, McBride said soybeans are almost finished, so things are actually moving along decently well.
We don?t have any specific numbers on Brazil?s crop progress, but we do know where they should be at this time of year. McBride provided his take on how far along they likely are at this point.
Some of the bigger news recently has been around China?s decision to import corn from Brazil. However, there hasn?t been any word on that since the announcement. McBride said this is likely because Brazil still has to meet the phytosanitary requirements before they can export their corn.
While Brazil?s soybean crop won?t beat last year’s records, they are still going to have a great crop this year. McBride said it?s still important to keep an eye on their crop progress.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
