Dry weather in Brazil has caused delays in soybean plantings, which could lead to delays in the second harvest of corn. This has led to concerns about soybean production and potential price increases. In Argentina, farmers are hesitant to sell their grain due to uncertainty surrounding potential changes in export taxes, which could impact market supply.
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In Brazil, the world's largest producer and exporter of soybeans, plantings have been delayed due to dry weather in recent weeks. Central regions recorded rain at the start of the week, but forecasts predict dry and hot weather again next week. The situation is particularly scrutinized in Mato Grosso, which accounts for more than a quarter of Brazilian soy production and a third of corn. However, “delays in soybean sowing could lead to a delay in those of Safrinha”, the second and main harvest of the yellow grain, intended for export, notes Sébastien Poncelet, of the Agritel firm (Argus Media group). Some American analysts estimate that this could take soybeans up to $14 per bushel, a level they have not seen for nearly three months. On the European market, rapeseed was driven by soya, climbing again above 440 euros per tonne for the February deadline, the earliest. For Brazilian soybeans, notes Rich Nelson of the Allendale brokerage, the start of pollination is expected in five ...