Corn and soybean outlook continues to decline. To view this email as a web page,
click here | | | Weather Concerns Continue in Brazil | | | Hot and dry conditions across much of central Brazil are delaying soybean planting, slowing crop development and resulting in acres that need to be replanted. Even if the weather cooperated for the remainder of the growing season, the late-planted soybeans run the risk of lower yields. As a result, South American crop consultant Dr. Michael Cordonnier cut his Brazilian soybean crop by 2 MMT to 158 MMT. Cordonnier also cut his Brazilian corn crop estimate 2 MMT to 121 MMT, noting “universal agreement in Brazil that farmers will either reduce their safrinha corn acreage or plant their corn with the minimal inputs possible.”
Earlier this week, AgRural cut its 2023-24 Brazilian soybean crop forecast by 1.1 MMT to 163.5 MMT. The Brazil-based consultancy warned it could make additional cuts to the forecast this month if weather doesn’t improve, as other areas of the country are also experiencing unfavorable conditions. Besides the erratic weather, there is a need for some replanting of soybeans.
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