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The ongoing drought in Argentina has captured the attention of the corn and soybean markets for months. In contrast, with the exception of dryness in the far southern state of Rio Grande do Sul, growing conditions have been good to excellent for soybeans in Brazil. As the month of February gets underway, however, another weather market has developed. Wet weather in the top soybean producing state of Mato Grosso has slowed the pace of soybean harvest. The result is that the planting of the second crop of corn in Brazil (safrinha) has been delayed. That’s important because safrinha corn production accounts for 75-80% of Brazil’s corn output.

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