Brazil’s planting picks up, but still well behind normal
Soybean planting in Brazil has picked up this week. And market analyst Arlan Suderman with StoneX says their moisture situation has also improved.
“The rains are coming now in Brazil. That should allow the planting to progress in good order,” Suderman says. “They can plant very quickly, and as I talked to our people down there yesterday, they’re still looking for a good crop of around 132 million metric tons.”
But Suderman says the planting pace is still a couple of weeks behind normal, which could delay Brazil’s harvest and extend the soybean export season for the U.S.
“USDA’s balance sheet, currently, doesn’t account for that extension,” he says. “So if you add another 100 to 200 million bushels of export demand, that suddenly makes us very tight.”
Another question, Suderman says, is whether Argentina will have a short crop because of La Nina.