Dry weather in South America seems to be sparking buying interest in the slow pace soybean planting. Advance Trading Commodity Research Analyst Brian Basting says Brazil’s farmers are waiting for rain. “Producers are reluctant to plant when they may not get germination. It’s very hot and dry in Brazil and there’s some weather premium being built, but it’s very premature to write off this bean crop by any means.” Brazil’s farmers are motivated to plant soybeans. “They’ve done some aggressive forward-selling of this crop they’ve yet to plant. It would be the equivalent of a U.S. producer at planting time in April looking at $15 beans. They’ll be highly motivated to plant and plant a lot.”
