Soy, Corn Markets Back Looking to South America

Jan 20, 2023

Following a bounce in the wake of a mostly bullish USDA supply-demand update last week, Chicago corn and soybean futures have quickly refocused on South American growing conditions.

“The primary thing right now is South American weather,” said market analyst Tom Lilja of Progressive Ag in Fargo, North Dakota.

Near-term forecasts call for more heat and dryness in drought-plagued Argentina, although the longer-term outlook is for wetter conditions. The weather in Brazil has more favourable throughout the 2022-23 growing season, although southern areas are still trending drier while the early harvest in the country’s central region is being interrupted by rain.

“Argentina does continue to be the biggest concern amongst the trade,” said Lilja, noting that production estimates out of the country continue to be revised lower.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.