I am watching private trade estimates for the crop size in South America. One of my most respected sources (Dr Michael Cordonnier) has reduced the corn crop in Brazil by 2 Million Metric Tons (mmt) this week. Soybean production in Brazil was taken 2 mmt lower. The total corn crop in South America is now down 8 mmt, or 314 million bushels from the last USDA report. The total soybean crop is down 5 mmt or 184 million bushels less than the November USDA crop estimate.
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