Consultant Raises Argentine Soybean Crop Peg, Lowers Corn

December 3, 2013 09:00 AM
 

 

 

Crop consultant Dr. Michael Cordonnier has raised his estimate of the Argentine soybean crop by 1 MMT to 56 MMT due to higher acreage. The larger soybean acreage peg came at the expense of the corn crop, as he lowered his crop peg by 1 MMT to 24 MMT.

"Even though I increased the 2013-14 Argentine soybean estimate... I still maintain a neutral to higher bias going forward," he explains. "If the soybean acreage increases and the summer weather cooperates, the Argentine soybean estimate might move 2 MMT to 3 MMT higher before it is all said and done."

Meanwhile, Dr. Cordonnier has left his Brazilian crop estimates unchanged from last week and says he has a neutral bias toward the soybean crop.

Dr. Cordonnier 2013-14 Soybean Estimates

Est.
Maximum
Minimum
2012-13

in million metric tons

Brazil
90.0
92.0
85.0
82.0
Argentina
56.0
58.0
52.0
49.5
Paraguay
10.0
11.0
9.0
9.3
Bolivia
2.6
2.9
2.2
2.6
Uruguay
3.2
3.5
2.8
3.0
Total
161.8
1676.4
151.0
146.4

Dr. Cordonnier 2013-14
Corn Estimates

Est.
Maximum
Minimum
2012-13

in million metric tons

Brazil
68.5
73.0
66.0
81.0
Argentina
24.0
26.0
22.0
26.5
Paraguay
2.5
2.8
2.1
3.0
Bolivia
0.7
0.8
0.6
0.7
Uruguay
0.4
0.5
0.3
0.4
Total
96.1
103.1
91.0
111.6

 


 

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