Pro Farmer provides updates throughout each week on key issues in Brazil and Argentina that can impact market prices. Here are some of the storylines we're watching this week (Pro Farmer members get additional in-depth reporting - sign up here):
Brazil trends wetter, Argentina drier this week: Brazil’s weekend rainfall was greatest from Mato Grosso to southern Minas Gerais, Sao Paulo and Parana where sufficient amounts of rain fell in many areas to maintain favorable crop development. Rainfall during the next two weeks will be most concentrated on center-west, northern center-south and northeastern parts of the country.
Brazil soybean harvest reaches 6% done: Brazil’s soybean harvest advanced to 6% done as of last Thursday, according to AgRural, paced by Mato Grosso and Paraná. It noted, “The low yields coming from harvest reports are not surprising in Mato Grosso, as the state was the most affected by the drought this harvest. In Paraná, yields slightly lower than initially expected cause disappointment in the state, where the heat and irregular rainfall have affected crops in the final stretch of the grain filling phase.”
Brazil’s share of China’s soybean imports rises, U.S. declines:China’s soybean imports from Brazil in 2023 jumped 29% from the prior year to 69.95 MMT. Imports from the U.S. fell 13% to 24.17 MMT. Brazil’s market share grew to 70%, while the U.S. share shrank to 24%.
Cordonnier leaves South American crop estimates unchanged... South American crop consultant Dr. Michael Cordonnier maintains a lower bias toward Brazil’s soybean and corn crops but kept both production estimates unchanged this week at 149 MMT and 115 MMT, respectively. He also kept his Argentine crop estimates at 52 MMT for soybeans and 56 MMT for corn. Cordonnier expects total South American production to rise 9.2% for soybeans and 0.5% for corn versus last year.
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