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South American weather not helping markets
The chief atmospheric scientist with Conduit Ag says South American weather is not helping U.S. grain markets.
Eric Snodgrass says key growing areas in Brazil and Argentina are benefiting from abundant moisture.
“There’s drought, but it’s in the wrong places.” He says, “Where there’s not drought is all the big states that we all know. And so, they continue to see above average rain. If you’re looking for a bullish story out of South America, it’s not coming on drought, at least anytime soon.”
He tells Brownfield weather challenges could arise in South America, but he’s not forecasting major complications.
“I’m starting to wonder, is it too wet?” He says, “Are they gonna have problems with the crop staying green too long, and not being able to harvest it early? But all that’s ahead of us and maybe some of that narrative has already been baked into the markets as it is. So, Brazil is not our wild card this year.”
Snodgrass says if above normal rainfall continues into January and February, it could impact planting of Brazil’s safrinha corn crop.
AUDIO: Eric Snodgrass – Conduit Ag
Tags: Argentina, Brazil, Commodities, Conduit Ag, Corn, Crops, Drought, Eric Snodgrass, Grain Market, rain, Safrinha corn, South America, South America crop, Soybeans, wet
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Publish date : 2024-12-16 05:41:00
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