Favorable weather in Brazil, Ukraine and Australia will pressure soybean, corn and wheat prices in the coming weeks

Traders’ main focus is on weather conditions in Australia and Argentina, where wheat and rapeseed harvesting has begun, as well as in central Brazil, where a new record soybean crop is forming. Dry weather conditions in Australia are helping to start harvesting winter crops such as wheat, barley and canola, and to start planting cotton and sorghum. Production forecasts are higher than last year, so favorable harvesting conditions should allow for good yields. Argentina is also experiencing dry weather, which is helping to speed up the harvest of a record wheat crop but is holding back soybean planting, although the region is experiencing occasional scattered showers. Temperatures are expected to reach 30 ° C this week, but a front will bring light rainfall and lower temperatures to the region later in the week. Central Brazil received another round of showers and heavy rains last week, improving conditions for the first crop of soybeans and corn. More showers are forecast this ...