I am watching private trade estimates for the crop size in South America. One of my main sources (Dr Michael Cordonnier) has reduced the corn crop in Brazil by 2 Million Metric Tons (mmt) again this week. He reduced the size of the Argentine corn crop by another 1 mmt, and dropped the Argentine soybean crop by 1 mmt. The total corn crop in South America is now down 10 mmt (380 million bushels) from the last USDA report. The total soybean crop is down 6 mmt (220 million bushels) less than the December USDA crop estimate. The total corn crop in South America is now projected to be about 100 million bushels less than last year’s crop.
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