Not a lot of new news down in South America. There are some slight worries about how the rainfall in Brazil will affect harvest and planting, but otherwise it?s mostly status quo. Allendale commodity broker Mike Lung provided a breakdown on the latest conditions in Brazil and Argentina.
Crop progress is slightly behind expectations in Brazil, but Lung said they?re not far enough off to create any issues yet.
Right now, Lung said the focus is more on the size of Brazil?s harvest anyways.
On the other side of things, Lung said crop progress is on pace in Argentina, but there will likely be cuts to harvest expectations in tomorrow?s WASDE report.
Lung added that there won?t be any huge changes, though, since the USDA usually prefers to make several smaller cuts.
On a more global scale, Lung said to keep an eye on sugar production in India, as that sugar is used in ethanol production in the U.S. and Brazil.
Lung also provided some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
