Hot and dry conditions have eroded yield potential in southern Brazil, Argentina and Paraguay, while rains have been too abundant in some areas of central and northeastern Brazil. As a result, Crop Consultant Dr. Michael Cordonnier broadly cut his South American crop estimates again this week.
He now forecasts Brazilian production at 140 MMT for soybeans (down 2 MMT) and 114 MMT for corn (down 1 MMT). In Argentina, he forecasts the soybean crop at 48 MMT (down 1 MMT) and corn production at 52 MMT (down 1 MMT). He cut his Paraguay soybean crop forecast by 500,000 MT to 8 MMT.
