South American Crop Consultant Dr. Michael Cordonnier cut another 2 MMT from his Argentine soybean crop estimate that now stands at 43 MMT, and he still has a lower bias going forward.
“Farmers in Argentina suffered through another dry week last week,” he elaborates.
He says around 62% of the early-planted bean crop is filling pods and that early harvest will likely get underway next week. If future rains disappoint, Argentina’s bean crop “could fall to 40 MMT or lower,” he warns, adding that the crop needs several heavy, widespread rains to stabilize.
Cordonnier also lowered his Argentine corn crop estimate by 1 MMT to 34 MMT. He has a lower bias toward that crop as well. But if the weather improves the second half of March as some suggest, it could help some of the later-planted crop, he adds.
Consultant Sticks with Brazilian Crop Pegs
Cordonnier made no change to his Brazilian soybean or corn crop estimates that stand at 114 MMT and 86 MMT, respectively.
“The weather in Brazil continues to follow the same pattern — wet in central and eastern Brazil and generally dry in far southern Brazil. The forecast is calling for continued wet conditions across central and eastern Brazil, but there are some additional chances of rainfall in southern Brazil,” he explains.