All interest in the United States is on the advancing harvest right now, but globally, we are seeing more focus on the South American planting season and progress.
The big question in South America is what we may see for total plantings and crop sizes. Argentine officials believe they will rebound from last year’s La Nina losses in both corn and soybeans. For the most part, a 3 million to 4 million metric ton recovery to corn and soybeans is expected.
The big changes, and most interest, is on what is taking place in Brazil. Brazilian farmers have indicated they will increase plantings of both corn and soybeans by 3% to 4% this year from last.
These increases and a projected return to normal growing conditions are expected to generate crops of 116 million metric tons of corn and 144 million metric tons of soybeans in the country. That compares to this year’s...