South American crop consultant Dr. Michael Cordonnier hinted last week his Argentine soybean crop estimate was headed lower, and today he officially lowered the estimate by 1.5 million metric tons (MMT) to 40.0 MMT as yield reports continue to disappoint. And in Brazil, he has maintained a slightly negative bias toward the crop and due to continued problems in Rio Grande do Sul and disappointing yields in northeast Brazil, he has lowered his Brazilian bean crop estimate 1.0 MMT to 65.0 MMT.
Meanwhile, he raised his Brazilian corn estimate by 3.0 MMT to 61.0 MMT, more than offsetting a 1.0-MMT decline to the Argentine crop, to 19.0 MMT.
|
Dr. Cordonnier 2011-12 Soybean Estimates
|
Est.
|
Maximum
|
Minimum
|
2010-11
|
|
in million metric tons
|
| Brazil |
65.0
|
66.0
|
64.5
|
75.5
|
| Argentina |
40.0
|
42.0
|
37.0
|
49.0
|
| Paraguay |
4.5
|
5.0
|
3.5
|
8.3
|
| Bolivia |
1.7
|
2.0
|
1.4
|
1.6
|
| Uruguay |
1.7
|
2.0
|
1.4
|
1.5
|
| Total |
112.9
|
117.0
|
107.8
|
135.9
|
|
Dr. Cordonnier 2011-12
Corn Estimates
|
Est.
|
Maximum
|
Minimum
|
2010-11
|
|
in million metric tons
|
| Brazil |
61.0
|
65.0
|
57.0
|
57.5
|
| Argentina |
19.0
|
22.0
|
17.0
|
22.5
|
| Paraguay |
1.8
|
2.0
|
1.6
|
2.0
|
| Total |
81.8
|
89.0
|
75.6
|
82.0
|
See Comments