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Soybean harvest delays in Brazil much ado about nothing

A market analyst is not putting much stock into soybean harvest delays in South America.

U.S. Commodities president Don Roose says northern Brazil is about three percent behind the normal pace with the forecast calling for better weather conditions.

“In fact, soybean production could rival last year’s 114-plus million metric tons.  Of course, you know how soybeans are, it’s very tough to get a final yield.  Things can go wrong in a two or three week time frame.”

Planting delays during the 2017/18 growing cycle combined with recent rains have slowed harvest.

Roose tells Brownfield Brazil’s safrinha crop—corn planted following soybeans—will be worth watching.

“Usually it’s a 50/50 as far as their production.  Last year it was closer to 70 percent.  So that is yet to be determined.  But it does look like the acres, because of cost of production (and) price, it looks like the acres are going to be down.”

Roose says Brazilian corn production could come in 2 to 3 million metric tons below the latest USDA estimate.

 

 

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