South American Crop Consultant Dr. Michael Cordonnier raised his Brazilian soybean crop projection by 1 MMT to 133 MMT, citing welcome rains in Rio Grande do Sul. His bias is neutral going forward. Drier weather the next two weeks should allow harvest to accelerate across central Brazil.
Cordonnier made no change to his Brazilian corn crop estimate of 105 MMT, and his bias is neutral to lower going forward. “The safrinha corn has been planted the latest in at least the last 10 years and now the forecast is calling for drier than normal weather across much of central Brazil for the next two weeks, which is very worrisome,” Cordonnier says.
He also maintained his Argentine soybean and corn crop projections of 46 MMT and 45.5 MMT, respectively. His bias toward both crops is neutral to slightly lower going forward. “The recent rainfall in Argentina appears to be enough to stabilize the crops at a somewhat lower level, at least for the time being,” Cordonnier says.