Attention Shifts To South America
The full focus of the market is currently on South American production and the approaching harvest season.
Even though we are still seeing crops develop in South America, harvest will be advancing in the next few weeks. In Brazil, early soybean planting allowed for early maturity of the crop. These soybeans have been anticipated by the global market, as they are offered at a sizable discount to the United States, the only other major supplier of soybeans to the global market.
As we start to approach the South American harvest, we are seeing more interest on potential crop sizes.
Production of both corn and soybeans in Brazil is expected to be larger than last year. This is especially the case on corn, where a 30% to 35% increase in...