South American Crop Consultant Dr. Michael Cordonnier cut another 1 MMT from his Argentine soybean crop estimate that now stands at 42 MMT. He maintains a neutral to lower bias going forward. Cordonnier says that while some good rains fell in the heart of the country’s production area over the weekend that did help crops, “the coverage was probably not widespread enough to change the overall dry pattern for the country. In addition, the rains were too late for the early-maturing soybeans."
Cordonnier made no change to his Argentine corn crop estimate of 34 MMT, but he has a neutral to lower bias going forward.
Consultant Raises Brazilian Soybean Crop Estimate
Cordonnier raised his Brazilian soybean crop estimate 1 MMT to 115 MMT, which would top last year’s record-large crop, and he has a neutral bias going forward, citing “timely” rains for later-developing soybeans in northern areas of Rio Grande do Sul.
He stuck with his 86 MMT Brazilian corn crop estimate, but he has a neutral to slightly higher bias toward the crop.