As of Mar. 18, safrinha corn was 90 percent planted as periods of dryness allowed for accelerated planting. Strong corn prices continue to incentivize Brazilian farmers to plant well beyond the ideal time. Brazilian soybeans were some 59 percent harvested overall with Mato Grosso’s soybean crop was nearly 92 percent harvested.
In Argentina, full-season corn harvest began and was about 6 percent complete, 4 points below the five-year average. Dryness concerns persist in Argentina; 33 percent of the country corn crop had poor moisture, and 42 percent of the soybean crop had a poor moisture rating.
Brazil is expecting less rain through the end of March, which may allow safrinha planting to finish. Upcoming showers in Argentina may proves too late for favorable crop impacts.