Harvest is ramping up in South America. Cornbelt Marketing market analyst Sam Hudson expects U.S. corn shipments to improve as more and more Brazilian soybeans reach the ports. “I would expect U.S. soybean shipments to slow down as we get into a South American harvest, but we’ve gone from a drought concern to a flooding concern in southern Brazil. They’ve had at least one foot of rain in the last 10 days. That continues to delay soybeans getting to port, aside from getting planted late.” Heavy rains can also cause quality concerns. “The secondary question is how long will it last? We’ve seen soybean sprouting in pods when that happens. It’s early to bang the drum on this, but the fear of a wide-sweeping huge production cut in South America appears to be behind us and we look to shift the narrative to the U.S. growing season soon enough.”
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