Extreme weather continues in Brazil with some southern areas of the country staying dry for over 60 days and northern growing regions not seeing any sunshine over that period. As a result, Crop Consultant Dr. Michael Cordonnier cut his Brazilian soybean crop estimate another 2 MMT to 138 MMT. He lowered his Brazilian corn crop estimate by 1 MMT to 113 MMT.
Cordonnier has been hesitant to make cuts to his Argentine soybean crop estimate “because the crop was still being planted and in vegetative development.” But with above-normal temps and below-normal rainfall continuing to stress soybeans in northern and eastern areas of the country, he cut his estimate by 3 MMT to 45 MMT. Since he was already at the low end of most private estimates, he left his Argentine corn crop peg at 52 MMT.
Cordonnier also left his soybean estimate for Paraguay at 8 MMT, even though the situation in the country is “bad and getting worse.”
