South America’s yield projections continue to fall as they face ongoing drought. The March 9th World Agricultural Supply and Demand Report showed Brazil’s projected production for soybeans to be 127 million metric tons, a 7 million ton drop from last month’s report. USDA Chief Economist Seth Meyer says this has been the trend for all of South America.
He says this offers some price support when looking at U.S. commodities.
In its latest weather forecast, research firm DTN said it expects scattered rainfall in Brazil into the weekend, while the weather will stay mostly dry in Argentina. The next WASDE report is scheduled for April 8th.
