Dry weather in Brazil and Argentina raises corn and soy harvest levels

Soybean prices are at their four-month peak. Similarly, the price of corn too rose to its highest level since early July regardless of the hot, dry weather in parts of South America that is raising concerns about the scenario for both crops.

Soybean trade prices have grown for nine consecutive terms, the longest period of appreciation seen since April. The southern regions of Brazil and Argentina will remain dry and hot in the coming weeks, putting “a lot of stress” on plants in those areas, Donald Keeney, senior meteorologist at Maxar, said in an email last week.

Analysts predict that Brazil, the largest producer of soybeans, will yield a record harvest in early 2022, although increased arid conditions could reduce productivity. Meteorologists in Argentina also warn of impending drought as the La Niña weather phenomenon is expected to cause drought in many crop areas.

In China, President Xi Jinping reiterated the need to secure the supply of grain and other agricultural products at a meeting of the Central Rural Labor Conference, held on December 25-26, according to state-owned China Central Television. Xi called for farmland protection and for the expansion of soy and other oilseed crops. China is the world’s largest importer of soybeans and corn.

Source: Money Times

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