Areas of Brazil have experienced short-term dryness this week.
In this week?s South American weather and crop update on the Iowa Agribusiness Radio Network, Allendale commodity broker Greg McBride summarizes recent weather patterns in Brazil and Argentina.
?We?ve seen some rain move out of the system for Brazil,? McBride said. ?They?ve been able to get some more soybean harvest and some corn planting done. Down in Argentina, they have actually seen rains come in across the last couple of weeks here that have helped to stabilize that crop. It?s not going to bring any of that yield back, but it?s definitely slowing the degradation of what?s left out there.?
Reports say Brazil?s soy output estimate has been raised 1 million metric tons to 134.09 million metric tons. Soybean harvest in Mato Grosso reached 97% completion this week. McBride notes the overall harvest progress in Brazil is above 70%.
?Soybean harvest is at 71% complete,? he said. ?Second crop corn planting, the safrinha crop, is at 98% planted in the Center-South, which is where most of the safrinha crop is at anyway. For the most part, you can pretty much stamp that as complete. The soybean harvest is moving along back to about where they would normally be. It?s only about 4-5% behind where they would normally be at this point.?
Argentina?s Ministry of Agriculture has said farmers have sold 12.45 million metric tons of the expected 44 million metric ton harvest.
?We (the United States) haven?t seen a whole heck of a lot of soybean sales coming through, but there is the idea that this is the time of the year where we do typically fall back off waiting for the summer to kick in,? McBride said.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com. McBride?s full radio interview can be heard below.
