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South American Crop Totals Cut

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South American consultant Dr. Michael Cordonnier cut his Argentine soybean crop estimate by two million metric tons, to 57 million metric tons. The cuts came due to recent flooding in the country, although he admits it is difficult to estimate these losses. He has a lower bias on soybeans if the wet weather continues. He maintains his Argentine corn crop estimate at 25 million metric tons but has a neutral to lower bias ahead. He also lowered his Brazilian soybean crop estimates by 500,000 metric tons to 98 million metric tons. He notes that yields in northeastern Brazil were disappointing due to dryness, and in far southern Brazil due to heavy rains.

Cordonnier also slashed his Brazilian corn estimates by three million metric tons to 79 million metric tons. He notes ongoing heat and dryness in the country is damaging its corn crop.

Source: NAFB News Service