Corn Forecast Adjusted Downward by Buenos Aires Exchange

Favorable Weather Conditions in Key Producers Push Soybean and Corn Prices Down

Mintec Global
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Recent weather patterns in major agricultural regions such as Brazil, Argentina, and the United States are exerting downward pressure on soybean and corn prices, impacting global markets.

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United States

Over the weekend, favorable precipitation was observed in the Midwest and US Plains, followed by forecasts of cold weather, thunderstorms, and snow in the coming days. However, warmer temperatures expected by the end of the week will facilitate early grain planting activities.

Brazil

Central Brazil experienced heavy rains last week, delaying soybean harvesting but benefiting second-crop corn plantings, which are nearing completion. While rains are forecasted to persist early this week, temperatures will rise towards the weekend, accompanied by reduced precipitation. Southern regions will also receive significant rainfall due to an incoming front from Argentina.

Argentina

Argentina witnessed heavy rains last week, expected to continue into this week. Despite increased precipitation, the Rosario Grain Exchange experts revised down soybean and corn production forecasts due to earlier drought conditions.

Europe

Much of Europe anticipates waves of rain this week, enhancing soil moisture levels ahead of spring crop planting. Warmer temperatures will accelerate the start of sowing activities.

Ukraine

Scattered precipitation improved soil moisture in Ukraine last week. However, forecasts of colder temperatures and dry weather may delay spring sowing, contrary to earlier expectations of an early spring.

Market Impact

Soybeans and corn on the Chicago Stock Exchange closed the week at 3-year lows, influenced by Argentine rains and accelerated corn planting in Brazil. Anticipated arrivals of significant volumes of soybeans and corn from Argentina and Brazil are expected to further weigh on global prices in March-April.

The interplay of weather dynamics across major agricultural regions continues to shape market sentiment, with favorable conditions in key producers contributing to downward pressure on soybean and corn prices in global markets.

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