Focus on South America

Traders closely monitor weather patterns in South America, particularly in Argentina and Brazil, where conducive conditions promise robust yields for soybeans and corn. Argentina resumes harvesting following the cessation of rains, while Brazil grapples with a deficit in rainfall.

Harvest Progress in Argentina

As of March 27, Argentina reports 4.4% of soybeans and 5.7% of corn harvested. Dry weather forecasts indicate expedited harvesting activities in the coming week.

Soybean Harvest in Brazil

In Brazil, 66% of soybean harvesting is completed. Despite periodic rains delaying planting in some regions, second-crop corn development benefits. However, dry weather in southern states, notably Parana, may impact moisture levels ahead of the impending dry season.

Increased Production Forecast in Brazil

Agroconsult revises Brazil's 2023/24 soybean production forecast from 152.2 to 156.5 million tonnes, surpassing USDA estimates. Heavy March rains and expanded sown areas contribute to this optimistic outlook, albeit with a slight decrease in average yields compared to the previous year.

Weather Outlook for Wheat and Corn in the USA

Cold weather and rains in key wheat and corn cultivation regions in the USA facilitate spring crop sowing.

Precipitation in the Black Sea Region

Scattered precipitation occurs in the Black Sea region, albeit insufficiently in some areas of Ukraine and Russia. The upcoming warm and dry weather is conducive to spring crop sowing.

Rains in Europe and Great Britain

Continued rainfall in Europe and Great Britain, while delaying sowing, benefits winter wheat crop development by maintaining soil moisture levels.

Source:GrainTrade

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