The markets are homing in on weather issues in northern Brazil. Continued dryness in the region is raising alarms on the upcoming crop. Allendale commodity broker Greg McBride gave an update on the latest weather conditions in South America.
McBride said there are scattered rains in the longer-term forecasts, but Brazil in particular needs much more than just scattered rain.
As for the current planting numbers in Brazil, though, McBride said things are still moving along.
McBride added that Argentina finally has its first update on soybean planting as well.
McBride also gave an update on the price disparity between the U.S. and Brazilian grain prices, noting that the U.S. actually has the advantage in corn right now.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
