In Brazil the draught is also affecting Northern states and a state of emergency has been declared in 123 municipalities of Bahia, with crop, livestock and people being affected. This on top of less optimistic news regarding rains in the South (less rain & moisture than anticipated) suggests that USDA WASDE report may have been wishfull thinking, but have succeded in calming jittery markets. Indeed, following the report futures markets have plunged. Of course, the worsening results published by both Cargill and ADM may have added to the more bearish mood, but personally I don't think the market will wait too long before waking up to some grain/oilseed supply shortage and perhaps realise that USDA projections may have been a bit too rosy...Of course I can - and I should be wrong in the short term (I'm fine with that!) but I don't think I'll be proven too wrong in the longer run (given demand), unless of course Iran decides to mess up with the oil market or the EU crisis unfolds..
Bahia e Sergipe também sofrem com a seca
http://revistagloborural.globo.com/Revista/Common/0,,EMI288823-18078,00-BAHIA+E+SERGIPE+TAMBEM+SOFREM+COM+A+SECA.html
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