Weather conditions in South America are turning drier, which is raising a good amount of concern. Allendale commodity broker Greg McBride said this is an inopportune time for that area to dry out, especially since Brazil?s safrinha corn is in the fill stage.
?They are drying out over the next two weeks,? McBride said. ?Not a good time for them to be drying out, especially in Brazil, where they are in the fill stage for part of their safrinha corn and the reproductive phase for the other part of it. That it a little bit of a concern as we go into a crucial time of the development stage for them. We are still watching Argentina as they are harvesting currently, so this is not a huge time that we have to be worried about dryness for them. The bigger obstacle will come in that winter wheat crop as they try and plant it, but at this point, it?s clear skies for Argentina to continue their harvest.?
McBride also provided a crop progress update for Argentina.
?Argentina?s at 31% harvested for their corn,? McBride said. ?That is in line with the 5-year average, which is also ahead of last year. Last year they were sitting at 25% complete. Soybeans are a little bit behind the 5-year average of 36%, sitting at 31%. That is still slightly ahead of last year?s pace of 28%. It?s going according to plan as of right now. Like I mentioned with the weather, it does look like clear skies for continuing that harvest.?
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
