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 Argentina by 1 Million Metric Tons (mmt) again this week. Soybean production in Argentina was taken 1 mmt lower. For Brazil, the corn and soybean crop is unchanged from last week. The total corn crop in South America is now down 6 mmt (about 240 million bushels) from the last USDA report. The total soybean crop is down 3 mmt (110 million bushels) from the last USDA report.
Get our daily in-depth analysis delivered directly to your inbox by 5:30 AM CST each morning, along with other services created specifically for farmers, when you become a Kluis Commodity Advisors client. Try our Kluis Commodity Advisors 30-day free trial to test it out.