Here in Brazil, early rains allowed seeding to begin a little earlier than last year in most regions. Southern regions are about 70% seeding, MT and West Central states are about 90% and North and Northeastern regions between 20% and 50%. Rains still good for next following days.
Private agro agencies forecast a 75mi Mtons soybean crop in Brazil. As well, they say corn crop (1st and 2nd) will increase until 30%, and cotton will decrease by about 5% only. Areas coming from pasture, mainly in MT. I would bet fewer soybeans (about 72mi MT) due to increases occurring in not so noble areas.
Also possible is some 2nd crop corn reduction, stimulated by prices falling with so much corn in the 1st crop. Also, still have old corn stored in many regions, and soybean will come earlier, forcing corn sales due to storage limits.
Cotton also may have a higher than 5% reduction, as last year MT –biggest cotton grower state – planted normal crop cotton instead of soybeans because of low incidence of rains in the seeding season, what is not happening this year. So they will plant late cotton (or 2nd crop cotton) and the yield of this one is lower.
EHedger Afternoon Grain Commentary 11-10-2011
Hog & Corn Comments – 11/10/11 Hog Prices Were All Over Today. Roll To Blame?