Argentina and Brazil are both slowly making progress on their corn harvest. Allendale commodity broker Greg McBride breaks down the situation in this week?s South American Weather and Crop Update.
McBride provided a look at the forecasts for Brazil and Argentina. He said that, while these are some drier forecasts, it shouldn?t impact their harvest too much.
?Well, we?re looking at some drier forecasts in the 1-to-5-day forecasts for both Brazil and Argentina,? McBride said. ?There is some rain across Argentina in the 6-to-10-day, and then there?s some heavier rains for southern Brazil in the 11-to-15-day, but there?s nothing that?s going to interrupt their harvest too greatly at this point.?
McBride also provided a harvest update for both Brazil and Argentina.
?As we move into where they?re at on the harvest side of things, Brazil is done with their soybean harvest, so we?re just looking at their safrinha crop corn,” McBride said. “It?s still plodding along slowly at only 8% completion for this week. As of last week, that?s an increase of 6%, but it still puts them behind by about 10% on the 5-year average and 12% from last year. When you move over to Argentina, they are still behind on their corn harvest- their beans are complete as well. They?re looking at 67% completion, which puts them behind the 5-year average by about 2%, so nothing too bad there. But compared to last year, they?re still about 19-20% behind where they were.?
McBride added that the weather back here in Iowa will be very important for the next fifteen days as we enter the heart of the pollination period in the Midwest. He said the slightly cooler and wetter weather we?ve seen since last Friday has added some pressure to the markets.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
