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Excessive rain in southern Brazil and dryness in the central and northern areas have been affecting planting progress for 2023/2024 soybeans and the first corn crop. It is creating additional logistic challenges for the country to continue exporting record levels of agricultural commodities. 

The weather in South America appears to be the main factor driving agricultural markets in most recent weeks, especially in Brazil. After feeling the effect of a multiyear La Niña, it is now time for South American producers to face what so far looks like a strong El Niño pattern that could persist for several months into 2024.

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