Dry weather patterns continue in South America?s major crop areas.
In this week?s South American weather and crop update on the Iowa Agribusiness Radio Network, Allendale commodity broker Greg McBride says that Brazil, specifically, is dealing with ongoing dryness as growers are still working on their second corn crop ? or safrinha corn.
?That is a big concern,? said McBride. ?We?ve known about this for a while, and it will continue to put some pressure and stress into that production. That?s what we hope we will get an update from USDA on about their overall production down there.?
In Argentina, McBride says harvest is moving along behind the usual pace.
?They are catching up to the five-year average,? said McBride. ?Soybeans are at 53%. That?s about 3% behind the five-year average. It?s a whopping 20% behind last year at this same time, but as we remember last year, they were extremely dry down there, so they were moving right along with their harvest.?
McBride notes all eyes will be on USDA?s WASDE Report Wednesday morning, specifically what it says about specific production estimates out of Brazil.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
