Argentina’s crop forecasts continue to decline amid persistent drought pressure. Forecasts indicate some relief is on the way with increased rain chances across the country this week. The rains will be too late for early-planted soybeans and corn but should boost later-planted crops. Meanwhile, Brazil continues to enjoy mostly favorable weather, with a crop tour through Mato Grosso confirming record soybean production potential. With 2022-23 supplies basically set, focus will be on demand the remainder of the marketing year. As spring approaches, there will also be greater attention on planted acreage for corn and soybeans. We provide our first look at the 2023-24 balance sheets for corn, soybeans and wheat on News page 4 this week. We cover all of these items and much more in this week’s newsletter, which you can download here.
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