Favorable weather in South America and Europe continues to improve crop prospects

Planting of spring crops has begun in Europe and the US amid rising temperatures, while heavy rains in South America are replenishing moisture reserves and improving soybean and corn crop potential.

A warm winter in Europe, in particular in Ukraine , with heavy precipitation allowed to accumulate significant reserves of soil moisture, which contributes to the development of winter crops and the sowing of spring crops.

This week temperatures reached 5-12 ^o C, but next week they will decrease. Short-term precipitation will contribute to obtaining seedlings.

According to the Ministry of Agrarian Policy of Ukraine, farmers of the Vinnytsia, Odesa, Mykolaiv and Kherson regions have started sowing spring crops, with which 22.3 thousand hectares have already been sown on February 29, in particular wheat - 0.8 thousand hectares, barley - 11.4 thousand hectares, peas - 10.2 thousand ha.

Temperatures have been above normal in the US this week, especially in the South, where strong winds have fueled wildfires. In general, the weather with periodic precipitation favors sowing, but next week there is a possibility of lower temperatures and more rain, which will slow down work, although it will replenish moisture reserves.

Central and southern Brazil will see showers this week and next week that will improve the condition of late soybeans, accelerate corn planting and harvest prospects. In the central state of Mato Grosso, soybeans have been harvested on 76% of the area, and second-crop corn has been planted on 70% of the planned area. Sowing rates are higher than last year, but they are delayed by frequent rains.

The front brought scattered showers to Argentina , which will continue to improve soybean and corn conditions.

According to the Buenos Aires Grain Exchange, sowing of soybeans and corn has already been completed, and harvesting will begin in April. Exchange experts estimate the soybean harvest in the country in 2023/24 MR at 52.5 million tons, and corn at 56.5 million tons.

Favorable weather in South America is putting pressure on soybean and corn prices, which are already at 3-year lows.