12/04/24 Afternoon CommStock Report – Brazil’s Weak Currency Allows for Profitability

I am back in Brazil. I haven’t had a proper crop tour yet but what I saw from the drive from the airport looked fantastic. The soybeans were ankle high already, and very uniform. If anything, they looked a bit starved for sunlight. I see traders and analysts looking for any possible sign of dry weather to put a dent in the crop, when in fact a week of sunlight might actually do it some good. Southern Brazil and Argentina are drier going into this week but that appears to be short-lived. It will give them a chance to dry out and set their roots while allowing planting to get wrapped up. Mato Grosso do Sul and Parana see solid rainfall the middle of this week and that continues to spill over into neighboring states to the North. The Northern tier of Brazil should see 2″ – 3″ this week. Heavy rainfall comes back to RGDS and parts of Argentina this weekend with many areas seeing up to 6″.   Long term weather anomalies still show wetter than average weather through the first week of December, but we do notice that a pattern of below average rain begins to expand…