With harvest winding down in the United States, extremely hot and dry conditions in South America are continuing to drive the commodity markets. Jim McCormick co-founder of AgMarket.net says that the weather conditions continue to make life difficult for South American farmers.
If the rain does not materialize in the longer-term forecast, McCormick says that South America should continue to remain the focus of factors influencing the ag marketplace.
Another story to watch for its influence on the ag markets is currently taking place in San Francisco in the meeting between United States President Joe Biden and President of the People’s Republic of China Xi Jingping.
China has recently made purchases of soybeans, but McCormick says that more friendly relations between the countries could lead to more demand from China and the buying of more United States commodities.
That was Jim McCormick, co-founder of AgMarket.net.