SOYBEANS, CORN DOWN ON RAIN CHANCES IN BRAZIL
Soybeans were lower on commercial and technical selling. There was some rain in the near-term forecast for dry parts of Brazil. Still, those changes might be short-lived. Even then, that will help farmers catch up and might reduce the amount of replanted acreage, with many projections still calling for another record crop in Brazil. Conditions in areas of Argentina have improved after recent rainfall. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.
Corn was lower on commercial and technical selling. The overall corn crop in Brazil should be down on the year but is still expected to be relatively large, which would probably continue to limit global demand for U.S. corn. While the U.S. harvest is nearly complete, some areas will see some near-term delays, with cooler temperatures and precipitation in parts of the Midwest and Plains. The wheat complex was lower on fund and technical selling. The big bearish factor for wheat continues to be the slow export demand as Russia controls the market. The tighter U.S. supply and any world crop concerns are largely canceled out by another big crop in Russia.
(Link: Brownfieldagnews)
SHOWERS RETURN TO CENTRAL BRAZIL
The second full week of Nov. 2023 continued the trend of hot and dry weather for the core of the main soybean-growing regions of Brazil. Meanwhile, rainfall was mainly confined to southern Brazil. The hot and dry weather in Brazil’s Center-West region has raised concerns over the soybean crop and subsequent safrinha crop. The third full week of November 2023 will bring the hope of some showers to Central Brazil. In southern Brazil, temperatures will trend below normal.
Shower will need to continue in Central-West Brazil for any appreciable, long-term improvement in soil moisture conditions. El Niño, which favors wetter than normal weather in southern Brazil but drier than normal weather farther north, is expected to continue through the Southern Hemisphere winter.
(Link: Successful Farming)
