Completely opposite to what we’re experiencing right now, there’s some dryness across much of Brazil right now. This is starting to raise some concerns for the safrinha crop. Allendale commodity broker Greg McBride gave an update on the latest weather patterns.
The dryness in Brazil is projected to continue in the longer-term forecasts as well.
At the very least, the dry conditions are allowing the current harvest in Brazil to continue smoothly.
Harvest in Argentina is still behind, but it’s finally starting to catch up a little bit.
While Brazil does still hold the price advantage on soybeans in the front month, China has been making purchases of U.S. beans instead. McBride said this is because U.S. prices are much closer to Brazil in the further months.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
