Brazil is currently planting and harvesting soybeans at the same time. According to Dr. Michael Cordonnier with the Soybean and Corn Advisor, that is an unusual situation.
“They started harvesting some soybeans in Mato Grosso last week — now, these were soybeans planted on September 1,” explained Dr. Cordonnier. “These are cotton producers permitted to plant their soybeans a couple of weeks earlier than normal, so it’s a very small volume, but the fact that they’re already harvesting at the end of November is kind of unusual.
What’s left to plant is up in northeastern Brazil, where it’s been dry, and way down in far southern Brazil, where it’s been wet, so it’s been a very slow end to Brazilian soybean planting.”
The economist dropped his Brazilian soybean harvest forecast by a million tons, down to 157 million. Corn harvest predictions were also lowered.
“I lowered that number by three million times today to 118,” he said. Everybody says they’re gonna plant less safrinha corn, reduce the acreage by at least 10 to 15 percent, some people say 40 to 50 percent, and everybody says we’re gonna spend less on the safrinha corn crop because it’s going to be planted late.”
The expert attributes most of the Brazilian planting adjustments to erratic weather patterns in the region.
“The weather’s kind of erratic because it might be an early end to the summer rainy season, and corn prices are lackluster in Mato Grosso, so no one wants to risk very much on the soften your corn,” Dr. Cordonnier said.
As far as Argentina, Dr. Cordonnier says weather is much improved compared to the historic and devastating drought farmers experienced last year.
