Cordonnier slashes Brazilian soybean crop estimate
Crop Consultant Dr. Michael Cordonnier says he was holding out hope that production losses due to drought in southern Brazil would be partially offset by stronger yields in central and northern areas. He no longer has that hope, saying conditions in southern Brazil are worse than expected and there may be additional yield losses due to drought. As a result, Cordonnier slashed his Brazilian soybean crop estimate by 6 MMT to 124 MMT. Brazilian soybean production is now expected to be down 21 MMT from what was expected at the start of the growing season.
Cordonnier also lowered his Argentine soybean crop forecast by 2 MMT to 40 MMT.
For all of South America (Brazil, Argentina, Paraguay, Bolivia and Uruguay), Cordonnier estimates production at 174.6 MMT, which would be down 24.2 MMT (12.2%) from last year and more than 35 MMT below initial expectations.
Cordonnier kept his Brazilian corn crop peg at 112 MMT, but cut his Argentine corn crop forecast by 1 MMT to 50 MMT. For all of South America, Cordonnier forecasts production at 168 MMT, which would be up 24.6 MMT (17.2%) from last year but 9 MMT below initial expectations.
