South American Crop Consultant Dr. Michael Cordonnier lowered his Brazilian corn crop estimate 2 MMT to 106 MMT, and his bias is neutral to lower going forward. He explains that dry conditions in southern Brazil have already compromised yield potential for some full-season corn and “we already know that the safrinha corn is going to be planted later than normal.”
Cordonnier made no change to his Brazilian soybean crop estimate of 132 MMT, and his bias is neutral to slightly lower going forward. He observes, “The weather in Brazil has improved somewhat, but it is still not a typical start to the summer rainy season,” adding that rains thus far have been “hit and miss” and that weekend rains favored northern and eastern areas.
Cordonnier also lowered his Argentine soybean crop estimate 1 MMT to 50.0 MMT, and his bias is neutral to lower going forward. He is concerned about the dry start to the season and longer-range forecasts calling for dryness to linger thorough December.
Argentina’s corn crop will likely total 49 MMT in 2020-21, Cordonnier said, unchanged from his projection last week. But again, his bias is neutral to lower, with dryness a concern.