12/18/2024 Brazil’s Soybean Crop Estimates Inching Higher

I got a better look at the crops in our region of Brazil last Friday.  We held our annual Christmas party at the farm for over 200 people including staff and family.  While obviously we represent a tiny sliver of Brazil’s soybean crop, I have to say that it was one of the best crops I have ever seen at this point.  Last year at this time the crop looked very rough as consistent rainfall didn’t really kick in until late December.  And it still produced well.  This year is not only lush green, it is perfectly uniform.  Anything can happen yet, but the crop is now well established and will be very difficult to kill at this point. The bulk of Brazil’s soybean harvest won’t begin until late January/early February, however I did receive a video of a farm harvesting soybeans this week in Mato Grosso.  There were some courageous growers who planted short season varieties in early September.  This is not widespread, but it is also not uncommon.  January will still be a critical month for soybean development, but considering that December weather forecasts remain mostly positive, time is running out for the bulls to spur a rally. …