Brazil
USDA’s April WASDE report showed larger wheat and soybean ending stocks, but smaller ending stocks for corn. More surprising, still, was the lack of changes to South America’s crop estimates.
USDA cut its estimate for Brazil’s soybean production by 1 MMT in the March WASDE report, which was less than what the trade expected. USDA didn’t make any cuts to Brazil’s corn.
Jon Scheve discusses the likelihood of a market rally, and what needs to happen for it to become a reality.
Ag economists have little doubt Brazil will remain the world’s top exporter of soybeans, but with potential safrinha corn production problems, economists aren’t confident Brazil can hang on to the top spot in corn.
What caused the price pressure again this week? Naomi Blohm of Total Farm Marketing by Stewart-Peterson and John Payne of hEDGEpoint Global join U.S. Farm Report to discuss what the market is watching.
Pay attention to the national corn yield, the number of planted corn acres and Brazil’s corn and soybean crops.
Brazil is seeing a sudden shift in weather with heavy rains now forecasted over the next two weeks. While it will bring relief to drought areas, it could cause harvest delays and issues planting the safrinha corn crop.
According to the meteorologists at BAMwx, the upcoming month in Brazil could be comparable to this past August for U.S. soybeans.
Analysts say it’s go-time for the impacts of South American weather, but Argentina’s new president, and major policy changes, also spooked the markets this week. Chip Nellinger and Brian Grete explain why.
AgResource Company forecasts 80% of the soybean crop is planted as of today, but for some farmers it’s been a year of replant for both corn and soybeans.