03/12/25 Afternoon CommStock Report – Brazil’s Spot Corn Prices Exceeds Chicago

I am back in Brazil once again this week. Things are much drier than when I was last here just six weeks ago, which is odd for this time of year. March is historically a high rainfall month and is needed to help fill late season beans, but also help to get second crop corn off to a good start. It is not all bad though, as it has helped facilitate the soybean harvest. As most of our soybean crop is destined for seed, a dry harvest helps elevate quality levels which is just as important to us as yield.   Weather looks to stay dry in the eastern regions of Brazil through roughly March 20th before we see rainfall of substance coming back. Large pockets of Southern Brazil will see steady rainfall, especially in Parana where second crop corn is flourishing. However, most of the rain will skip RGDS and large regions of Argentina. We see rainfall building in Northern Brazil towards the end of March, especially in Mato Grosso. But dryness still lingers in the South. RGDS has had a tough season, and it doesn’t look like it is going to get much better. While some later planted…