Brazilian Weather Still Matters In May

May 2, 2018 12:13 PM
 
 

When planters are parked for the winter months, a lot of focus from U.S. farmers and traders is on the weather in South America.

As the planting season is underway in the U.S., South American weather watching has taken a backseat while farmers are getting seeds in the ground.

According to Chip Nellinger, Blue Reef Agri-Marketing, the corn markets are still observing the safrinha corn crop in Brazil. 

“They’re towards the end of the rainy season there, and as you get deeper into May and June, it gets much warmer and much drier,” he said on AgDay.

Nellinger said Brazil has received approximately half of their precipitation amounts during their rainy season, and coupling that news with Brazil’s domestic estimates of a shrinking crop, “it’s a big deal.”

“On the one hand, you have good bearish weather here with planters rolling, but on the other hand, if they’re going to be down on production in Brazil, that means it’s going to be more export business for us out into late summer and early fall,” he said.

Hear what Nellinger thinks this news could do to corn prices on AgDay above.

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