Unfavorable weather continues to reduce production potential in South America, with Argentina and southern Brazil facing hot and dry conditions, while areas of central and northeastern Brazil are too wet. As a result, Crop Consultant Dr. Michael Cordonnier made more cuts to his South American production estimates. He cut the Brazilian bean crop by 3 MMT to 135 MMT, Brazilian corn production by 1 MMT to 112 MMT, the Argentine soybean crop estimate by 2 MMT to 43 MMT and his Argentine corn crop peg by 1 MMT to 51 MMT.
Cordonnier left his Paraguay soybean crop estimate at 8 MMT, saying he will wait for more early yield reports before making further adjustments.
