Argentine Crops Outlook Unclear

There are reports of a major drought in Argentina that could damage their late-planted corn and soybean crops.

USDA Outlook Board Chair Seth Meyer said it is still much too early to know with any certainty what the South American crops could look like.

“We read all those stories, we look at it, we evaluate it, we ask folks on the ground; because at this point of the year that’s what folks are focusing on. They’re looking at that, so that’s what’s crucial but again you have to separate the chatter from the reality and we’ll spend a lot of time on weather in Brazil and Argentina.”

The USDA latest forecast for South America is/was released Tuesday and it will show where they think the crops in southern hemisphere are headed.