Climate Adaptation
Brazil’s Extreme Weather Is Flooding Mines, Drying Up Crops
- Heavy rains disrupt iron ore production, fueling price rally
- Dryness curbs the outlook for soy production in the top grower
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Weather extremes in commodity powerhouse Brazil are reverberating through global markets, pushing up prices for everything from soybeans to metals.
Dryness and heat in the nation’s south have caused crop losses, clipping what was supposed to be record oilseed production in the world’s largest grower. Meanwhile, the northern half of the country has the opposite problem: too much water. Heavy rains have led Vale SA, the world’s second-largest iron ore producer, to halt some mine production in Minas Gerais.