Brazil will have a below-average soybean crop, the only question is, how much, analyst says.
Weather forecasts continue to suggest Brazil will have better weather including above-normal precip and below-normal temps.
Corn is approaching $6 - almost twice the price we had in August!
The trade thinks USDA will cut U.S. corn, soybean, and wheat carryout estimates, in its February Supply/Demand Report next Tuesday.
The U.S. needs 90 million soybean acres in 2021 and the trade still thinks we’ll only have 130 mb carryout next year even with the expanded acres.
For temperatures, above-normal levels are expected in Argentina, but below normal in Brazil.