There was no rain in the western part of Parana, Brazil for 30 consecutive days. The recent return of rainfall may make up for the loss of late sowing soybeans, but early sowing soybeans have been damaged. Due to the high temperature and low rainfall in the western part of the state, some farmers have reported that soybean yields may have lost more than 50%, and this situation has spread to the northwestern and northern parts of the state. In addition, the increase in truck freight rates has increased the cost of farmer cultivation, resulting in farmers in the state of Parana. A serious loss may affect the planting of the next two corns.
Institutional Source: International Derivatives Think Tank