03/05/25 Afternoon CommStock Report – Snodgrass Gives Drought Outlook for 2025 Growing Season

Thank you to everyone who caught our panel at the Commodity Classic on Tuesday! A special thank you to my co-panelists Karen Braun and Eric Snodgrass!   We have harvested nearly 25% of our soybean crop already on our family farm in Minas Gerais, Brazil. We have never harvested so many beans this early before. Yields appear to be in line with our APH so far (60+ bpa), but there is a long way to go. The forecast shows below average rainfall for large portions of March. This is both good and bad. It is good for our soybeans as a wet harvest for us usually has a negative impact on the germination quality, which is very important for us because our crop is sold as seed. On the other hand, some precipitation is required to help germinate the “safrinha” corn which is being planted now.     Brazil’s soybean harvest has reached 55% overall this week, catching back up to the historical average and then some. The harvest started off in Mato Grosso which will already be near completion next week. Some places like RGDS, have barely even begun. South America overall soybean production is seen at 236 MMT,…