Some rain has entered the forecast in South America, but drought concerns remain. Allendale commodity broker Greg McBride gave an update on the latest weather conditions in Brazil and Argentina.
Earlier today, ADM CEO Juan Luciano gave a rather bleak outlook on the soybean crush in Argentina. McBride said this was very friendly for the U.S. soybean markets.
Despite drought concerns in Brazil, McBride said their soybean planting progress is on par with the average.
Argentina, on the other hand, is still much too dry for any significant planting progress to get done.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
