Cordonnier Maintains South American Crop Estimates

Posted on Tue, 10/13/2020 - 11:07

Scattered rains fell over the weekend and more are in the forecast for central Brazil this week, with South American Crop Consultant Dr. Michael Cordonnier saying “these rains can’t come soon enough.” Temps hit record highs of 110 degrees to 112 degrees Fahrenheit last Wednesday in Mato Grosso do Sul and Sao Paulo.

Farmers are waiting on more rains to advance planting. AgRural reports just 3.4% of the soybean crop has been planted, the slowest planting pace in a decade and well behind 11.1% seeded last year at this time.

Farmers in central Brazil like to have their beans planted by Oct. 25 to allow enough time to plant their safrinha corn by Feb. 5, Cordonnier reports.

He made no change to his Brazilian soybean or corn crop projections of 132 MMT and 110 MMT, respectively. His bias is neutral toward beans and neutral to higher toward corn, but he adds he’s torn on soybeans as prices give producers incentive to max out acres, but a strengthening La Nina could result in dry conditions, especially in southern areas of the country.

Cordonnier also stuck with his Argentine soybean and corn crop projections of 52 MMT and 50 MMT, respectively; his bias toward both crops is neutral going forward.