Export markets and Brazil’s soybean crop
NASHVILLE, TN (RFD-TV)- Brazil’s record soybean crop is only about 25% harvested, but already analysts say it’s set to have a big impact on export markets.
Dale Durchholz with Grain Cycles says Brazil’s soybean exports are about to take off.
“And when they accelerate, they are going to accelerate. Our bean exports probably are really on the cusp of just drying up and going to nothing,” Durchholz said.
He says he’s more optimistic when it comes to U.S. corn exports because Brazil has already sold some of its first crop. Normally the South American country holds that one for feed use.
“We could actually see that (Brazil’s corn exports) initially a little bit smaller as they retain some of that corn for their own feeding industries down there, but we’ve got a window from now until we get to about the middle of July to be exporting corn out of the U.S. for what isn’t going to be coming out of South America,” Durchholz said.
As of last week, soybean harvest in Brazil was at 40% but recent rainfall was causing a slowdown. USDA’s supply and demand estimates come out March 8th.