Brazil Dryness May Affect Corn Crop
Here with your Market Line Commodity Report, I’m Tim Hammerich.
Cattle markets up the limit on Wednesday on anticipations of plants
re-opening. Also a developing story for corn down in Brazil. Standard
Grain’s Joe Vaclavik shares more details.
Vaclavik… “Dry conditions may impact Brazil's second corn crop. The larger
Safrinha crop is in the filling stage right now. Dry conditions and a couple of
the southern states have been an issue over the last. 30 days. I think that
the risk of losses there has increased a little bit. A lot of these areas have
gone five to six weeks without significant rainfall. The one southern state in
particular Parana is the second largest producing state in terms of that
second corn crop, which accounts for 75% typically, or about three quarters
of their yearly corn output.”
Despite this news, corn prices were down a bit on the day, July Corn
closed down $0.02 ½ to $3.14 ¼.
Chicago July Wheat futures closed down $0.03 ¼ to $5.17 ½.
Kansas City Hard Red Winter Wheat down $0.06 ½ to $4.77 ½.
Really, nothing new to report in Portland. Prices mostly steady and unchanged.
Live Cattle futures had a day on some plants opening back up. June live cattle up $3 to $89.47 ½. Feeder Cattle for August up their limit as well $4.50 to $132.75.
Class III milk yesterday couldn’t build on the previous day’s rallies down a penny to $13.62.