Corn posts new lows. Argentina could offset Brazil’s light production hit. November 28, 2023
The three states in Brazil's dry Center/West region are Mato Grosso, Goias and Mato Grosso do Sul. MG is just over 25% of total soybean production for the country while the other two are roughly 10%. Over the next two weeks MG will see normal to below-normal rains and heat. It will not be as dry as the prior two months though. Goias, pronounced “Go Yise”, is lightly dry for week one ahead then normal rains for week two. MGDS has changed. Last week it saw normal rains. The other two did not. MGDS will also see normal rains over the next two weeks. They are now off the list of concern. In the South the two states that are too wet will continue to see normal to above-normal rains over the next two weeks. There is a light, valid, production hit to expect from weather to this point for Brazil. We can't say it is time for the market to panic until perhaps the second week of December when we are seeing forecasts reaching into the important January timeframe.
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