Spotty rain has entered the forecast in South America. While it would possibly be enough rain for our growing season, both Argentina and Brazil need significantly more rain than that. Allendale commodity broker Greg McBride gave an update on the latest weather forecast.
The longer term forecast also contains chances for rain, but they need to materialize before farmers can get their hopes up.
Additionally, McBride said that Argentina was recently hit by a major storm, and while it did bring good amounts of rain, it also pushed planting back even further.
McBride said that planting in Brazil continues to inch closer to completion.
With potential cuts to Brazilian corn production, McBride said that the country’s poultry producers are worried about feed availability, so they might start importing some U.S. corn.
McBride added that the markets will be keeping an eye on Argentina, because delays to their planting progress could cause the crops to miss certain weather windows.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
