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Weather remains top of mind ahead of Prospective Plantings Report

Market analysts are closely watching for possible price influencing factors ahead of the USDA’s U.S. Prospective Plantings report.

Dan Basse with AgResource tells Brownfield his big concern right now is the Brazilian winter corn crop. “The weather is starting to become rather harsh down there so the world cannot afford to lose that Brazilian export potential.”

Basse says any prolonged weather problem would likely cause another spike in commodity prices and might influence planting decisions. “We would probably, by our modeling, add another 50 or 75 cents a bushel if Brazil has a weather problem and that would continue beyond the first week of April, so yes, we’ll see what the numbers say from USDA but thereafter, we’re on weather watch for both Brazil and of course the Midwest.”

That report is out Wednesday at midday, along with Quarterly Grain Stocks.