Production was timely with a large main corn crop being harvested and a soybean crop that is only a few weeks from being made. In addition to the mild weather, Brazilian farmers used large amounts of fertilizer, which is allowing the crops to take greater advantage of the favorable weather. Analysts that toured Argentina's soybean area report good soil moisture and favorable crop conditions. Soils in the northeast of Buenos Aires and eastern Santa Fe was wet from last weekend's rains, while western Buenos Aires and parts of southeast Cordoba are slightly dry, although crops are in good condition. Most double-crop soybeans were only approaching the blooming stage.
Stands are universally good, color dark, and the plants well rooted.
Overall, soybean condition was rated good to excellent. Stands were even, fields were weed free and no disease or insect problems were observed. Soybean yield potential was rated good to excellent but will depend on the weather over the next eight weeks as the crop sets and fills pods. The expected record production could allow Brazil to have a record crush and still have 13.0 million tons of soybeans to export whole. The legislation updates a 1990 law on GMOs that politicians and industry agreed did not create a clear system for regulating the high-tech plants.