The dry areas of Brazil finally got some rain, which was much appreciated by the farmers there. However, Argentina is still dry. Allendale commodity broker Greg McBride provided an update on the latest weather patterns for Brazil and Argentina.
With those timely rains, McBride said planting in Brazil is clipping along at a great pace.
On the other hand, Argentina is still struggling to get any planting done. McBride said they?ve had to continue to hold off on planting until these dry conditions improve.
Since the prices between the U.S. and South America remain similar, McBride said we might see competition from their marketplace, especially from Brazil.
The U.S. is obviously going to keep an eye on South American grain prices, but McBride said there?s probably a bigger focus on the ongoing situation on Russia right now.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
