Report on South American Production Thursday

Many of the South American crops are starting to reach harvest time and that could play a major role in the ag economy for the U.S.

USDA’s Outlook Board Chair Seth Meyer said we’ll see a report on what they expect from South America Thursday.

“It has a lot of influence how the rest of our export program goes for the rest of the year. It will influence prices which will influence our own producers’ decision on area for the coming year.”

The USDA’s next report on supply and demand comes out Wednesday.

Meyer said they are looking at some specific crops from the Southern Hemisphere.

“The soybean crop which is now coming off and the implications for second-crop corn. [They] had a lot of rainfall in Argentina so we’ll be assessing how this has or has not affected their production.”

A smaller South American crop last season helped U.S. crops in the export market.