Concerns about the dry weather are becoming more real in South America- in fact, it’s to the point where the USDA is now adjusting its crop projections. Allendale commodity broker Greg McBride said there’s some rain in the forecast, but the overall climate is going to remain dry for a while.
At this point, harvest is complete in Brazil, and they are now waiting for the second crop harvest. McBride said progress in Argentina is behind the recent yearly averages, but that’s because the past few years have been blessed with very cooperative weather.
The USDA didn’t make many changes to its South American numbers in the May WASDE, but the one big change was the increase to Brazil’s corn production.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
