Favorable weather for the upcoming soybean and corn harvest continues in Brazil and Argentina

For the third consecutive month, favorable weather conditions for soybean and corn harvests have persisted in Brazil and Argentina, and rainfall forecast for the coming weeks will further improve harvest prospects.

In Brazil , heavy rainfall has resumed, especially in the central states. Next week, a cyclone from Argentina will bring rain to the southern states. This weather is conducive to flowering, soybean filling and the development of first-crop corn crops. The soybean harvest is forecast to be 169-172 million tons, compared to 153 million tons in the 2023/24 MY. The country's soybean harvest will begin in the second half of January, which will increase pressure on world prices.

Scattered showers have been reported in western and northern Argentina this week, but the central and southern regions have seen less rainfall, but low temperatures are keeping soil moisture losses in check. A new wave of rainfall is expected next week, after which dry weather will allow for an accelerated wheat harvest, which is scheduled to be completed by January. The Rosario Grain Exchange has raised its forecast for the 2024/25 MY wheat harvest from 18.8 to 19.3 million tonnes, but left corn and soybean production forecasts unchanged at 50-51 million tonnes and 53-53.5 million tonnes, respectively. The exchange's experts believe that soybean and corn crops are in good condition thanks to favorable rainfall in November and December.

The Midwest and Plains of the United States have seen snow this week, but temperatures are expected to rise soon. A cyclone will bring frost to northern regions next week, but it will be short-lived and will not threaten winter crops.

Rains in eastern Australia have improved conditions for sorghum and cotton, but delayed the harvest of wheat and canola. Dry weather next week should speed up the harvest.

In Ukraine, precipitation in the form of snow and rain has replenished soil moisture reserves. Next week, warming and a new wave of scattered rains are expected across the country. Much more precipitation is needed for a good harvest, especially in the south and east of the country, where drought conditions have persisted since autumn.