By Daniele Siqueira, AgRural Commodities Agrícolas
March has arrived and that means that another Brazilian soybean crop is wrapping up and the new U.S. crop is just around the corner. It has been quite a season, with hot, dry conditions decimating a significant part of the production in southern Brazil.
With about 50% of the 2021/22 harvest complete by the end of February, production is estimated at around 125 million metric tons, 20 million down from the initial estimates thanks to a harsh drought sponsored by La Niña, the devilish girl.
Selling at record prices (but just a little)
The crop failure in southern Brazil, along with a disaster in Paraguay (production is more than 50% smaller than it would be in a normal year) and some losses in Argentina, where the soybean fields still need rain in March to avoid major yield losses, has helped support higher prices in Chicago since the beginning of the year.… Continue reading