Favorable weather in the US, Brazil and Ukraine will boost crop prices this week

Scattered rains in the Midwest and central and southern Plains of the United States last week improved soil moisture and helped winter crops develop. The warm weather helped speed up the harvest of soybeans and corn, which are more than 80% threshed (exact data is not available due to the government shutdown). This weather will continue through the end of this week, so farmers will continue to harvest, especially given the forecast for precipitation and temperatures dropping to -2…-5 ^° C next week.

Canadian farmers have also completed harvesting all crops under favorable weather conditions, and frost and snow will arrive in the region this week.

Dry weather in central Brazil last week allowed for an increase in soybean planting (over 40% of the area has already been sown), and this week heavy rainfall is forecast to help seedlings emerge and develop. Several fronts with precipitation will pass across the country in the coming days.

Last week , Argentina experienced cool weather with precipitation that contributed to the accumulation of moisture in the soil, beneficial for sowing soybeans and the development of early corn crops.

Soybean planting has begun in Argentina, and additional intermittent rain this week will help with planting, but cold temperatures could slow crop development. Winter wheat crop prospects continue to improve thanks to good rainfall throughout the season.

Last week, Europe was hit by heavy rain fronts, and additional precipitation is forecast for this week, which, while helping winter crops grow, will significantly delay the harvest of corn and soybeans.

In Ukraine, last week, fairly dry and warm weather prevailed, which allowed to accelerate the harvesting of sunflower and soybeans (85 and 78% of the areas have already been threshed), but the rate of corn harvesting remains low (only 40% compared to 76% last year) due to high humidity and late ripening. In the southern regions, sowing of winter wheat and winter rapeseed accelerated after the rains.

Dry and cool weather is forecast for the next 7-10 days, which will allow for the completion of sunflower and soybean harvests and accelerate corn harvests, despite high humidity.

In the southwestern region of the Russian Federation, where most of the winter wheat is grown, winter sowing has been completed and there was a wave of rain last week, which will accelerate the germination of winter wheat. In the next 7-10 days, another wave of precipitation will pass in the region, which will continue to improve the prospects for the future harvest and reduce speculative pressure on prices.

Scattered showers passed through eastern Australia last week, which will slightly improve crop conditions, but limited rainfall during the run-up to harvest is reducing the yield potential of wheat and canola.

Tags: Brazil, prices, Canada, USA, crop condition, Argentina, Australia, Ukraine