Widespread rain showers continue in Brazil?s major crop areas.
In this week?s South American weather and crop update on the Iowa Agribusiness Radio Network, Allendale commodity broker Greg McBride talks about ongoing precipitation in Brazil and Argentina. He says continued rain showers have helped early crop development.
?There?s plenty of rain in the 1-5 day and 6-10 day forecast for both Brazil and Argentina,? said McBride. ?There will be continued rains in the 11-15 day forecast for Brazil. It does back off a little bit for Argentina. That is something to watch as we look at what USDA did on (Tuesday?s) WASDE report. The USDA made no changes to Brazil?s crop, still looking at record numbers for their soybean crop. The biggest changes came from Argentina where they increased corn production by one and a half million tons and they decreased soybean production by one and a half million tons, even though they are just getting started with that soybean planting.?
McBride discusses planting progress in Brazil and Argentina. Brazil?s AgRural is reporting soybean planting pace at 67% complete, which is up from 52% last week and last year?s delayed 56% pace.
?Argentina for their corn planting is in-line, just slightly ahead of the five-year average at 39% planted,? said McBride. ?On their soybeans they are at 10%, same as the five-year. For Brazil, first crop corn is planted at 72%. That?s 4% ahead of the five-year average. Soybeans in Brazil are 11% ahead of the five-year average. The biggest outlier here is that Mato Grosso is at 83% planted through last Wednesday.?
McBride adds forecasters are keeping a close eye on the La Nina weather pattern potentially showing up in South America.
