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South America remains big influence on crop prices
South American crop production continues to influence U.S. corn and soybean prices.
Paragon Economics risk manager Jamey Kohake says 2024 has been challenging for growers in Brazil.
“Mainly just planting weather, is it going to dry out and maybe switch some acres? Or get too wet and delayed (planting)? But that will be the issue is the weather down in South America.”
Speaking to Brownfield last week at the Farm Progress Show, he said the U.S. is becoming more price competitive.
“We’ve been the cheapest on the world market in corn and beans at times, the U.S. Dollar has actually collapsed as well versus the Yuan. We saw that kind of bloodbath the last two weeks, and hopefully that will continue to work in our favor.”
Brazil’s equivalent of the USDA recently lowered that nation’s old crop corn production estimate because of weather issues, and the soybean crop is projected to be about five percent less than a year ago.
CONAB and USDA will update production estimates next week.
Tags: 2024 Farm Progress Show, Brazil, Conab, Corn, Crops, Exports, Farm Income/Prices, Risk Management, South America, Soybeans, USDA
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Publish date : 2024-09-04 07:21:00
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