Highlights
The weather pattern Mato Grosso and Goias through Wednesday is expected to allow a sharp advance in the harvest pace. Weather forecasts indicate alternating rain and sun, with higher temperatures. Elevators in Mato Grosso reported a three to fourfold increase in soybean deliveries the past two days. Crushers report very low protein content (below 33%), but high oil content.
In Brazil’s leading corn and bean producing state, Mato Grosso (MT), the prices in July for corn to soybean ratio is 2.45 to 1, meaning it takes 2.45 bushels of corn to equal the value of one bushel of soybeans. The normal ratio is 2.4 to 1. In the second leading corn producing state, Paraná, the ratio for July is at 2.06 to 1.
Safras & Mercado estimates Brazil’s soybean crop at 174.88 million mt, up 1.17 million from their previous estimate (USDA 169)
Kory Melby’s end of the week comments about crops in Brazil’s number one corn, bean and cotton state: