CBOT Prices Consolidate After Sharp Gains This Week
Argentina Weekly Crop Progress
- Corn conditions were reported at 37% good to excellent which was down from 38% last week, but up from 28% a few weeks ago.
- Harvest was reported at 17% complete, up from 14% last week, and is lagging the average of 28%.
- The Buenos Aires Grain Exchange left its corn crop forecast unchanged at 46 million tonnes.
- The Rosario Grain Exchange raised its production forecast from 48.5 million tonnes to 50 million, citing better yields in Cordoba.
- Soybean harvest increased from 7.2% complete to 18.5%, but remains slow compared to 56.4% last year and 43.5% on average.
- Crop conditions were steady from last week at 9% good to excellent and 61% average.
- BAGE held its soy crop projection at 43 million tonnes, and the Rosario Grain Exchange projection was also unchanged at 45 million.
FBN’s Take On What It Means For The Farmer: Argentina’s cash corn markets are now $5-7 per tonne cheaper and could cause buyers to cancel or switch purchases from the US. Argentina’s soy harvest has been delayed by rainfall, and is the slowest in five years. USDA could lower it’s soy crop estimate of 47.5 million tonnes in the May report following recent reports.
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