It appears South America is harvesting a great soybean crop, now all eyes are watching to see the size of the second crop.
Harvest in Mato Grosso in western Brazil has begun earlier than normal because of an earlier planting season.
“Now they can plant their second corn crop ahead of schedule,” said Mark Brusberg, deputy chief meteorologist with USDA. “When they’re able to do that, they’re sort of hedging their bets against an early end to the rainy season.”
The weak La Niña didn’t pan out in Argentina, meaning fears of drought disappeared quickly.
“We’re hoping the rain at least stabilized the crop for the farmers down there so we’re expecting a pretty good crop so farm in Argentina,” said Brusberg. “We’re just going to have to wait and see at the end of the year how many acres they were able to harvest and whether or not there really was any reversible damage from the earlier problems.”
The favorable weather pattern has the potential to impact U.S. markets.
Hear what factors could play into market pricing and the acreage mix with Jarod Creed of Gavilon on AgDay