Last week’s WASDE saw cuts to Brazil’s production and no changes to Argentina, and the nearby forecasts back up those decisions. Argentina is getting plenty of rain, but key areas of Brazil are still thirsty for moisture. Allendale commodity broker Greg McBride gave an update on the latest weather conditions.
The longer-term forecasts look slightly better, but still contain some dryness.
McBride said that planting in Brazil is still making decent progress and has almost wrapped up at this point.
However, with those heat and dryness issues in Brazil, McBride said it wouldn’t be surprising to see further cuts to Brazil’s production numbers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
