Cordonnier Lowers His Brazilian Corn Crop Estimate, Notes Welcome Rain in Argentina

Posted on Tue, 01/14/2020 - 11:42

South American Crop Consultant Dr. Michael Cordonnier lowered his 2019-20 Brazilian corn crop estimate 1 MMT to 100 MMT and he has a lower bias going forward.

Cordonnier held his soybean crop estimate for the country at 122 MMT, and he noted that AgRural reports that harvest was 0.4% complete as of late last week.

Heat and dryness in Rio Grande do Sul are his biggest concern for both crops, but the state did receive good rains over the weekend. “In some areas, it was the first good rain since about Dec. 1.  It probably was not enough to completely recharge the soil moisture deficits, but it helped for sure,” Cordonnier explains.  

Cordonnier maintained his Argentine soybean and corn crop estimates of 52 MMT and 47.5 MMT, respectively. His bias toward both crops is neutral going forward. Rains in the country have helped to recharge soil moisture, though distribution of the precip remains uneven, Cordonnier reports. “The best soil moisture is across the central growing areas with the driest conditions across the southern and southwestern regions,” he elaborates.

Dry weather had stalled planting of soybeans and corn in northern areas of the country, but weekend rains should help farmers to finish planting over the next two to three weeks. The Buenos Aires Exchange recently reported that 88% of the Argentine corn crop had been planted as of late last week and 93% of the soybean crop.