Rain in forecast gives greenlight to Brazilian farmers eager to plant
Brazilian soybean farmers eyeing an improving forecast are planting in earnest.
U.S. Commodities president Don Roose says monsoonal rains are expected to pick up next week after a dryer-than-normal August and September across most of Brazil.
“So the producers right now today are busy planting soybeans and the first corn crop anticipating that they’re going to have some moisture hit.”
He tells Brownfield with planting about 10 days behind normal, the crop still has plenty of yield potential.
“It is true that the later you plant, our exports here in the U.S. are probably going to be a week or two weeks longer than you would normally think. Just because the Chinese, for example, will have to wait for their crop, they’ll buy from us until that timeframe.”
Roose says the soybean market is still adding risk premium because the weather outlook in Brazil could change.