AgResource Analysis of February WASDE Report
Assuming trend safrinha corn yields in Central Brazil this summer, ARC maintains that final South American corn production in 2021/21 will be 154-155 MMTs, vs. USDA’s currently projected 171. Note also that South America’s 21/22 beginning corn stocks are a 9-year low 7.6 MMTs, vs 11 MMTs a year ago. As such, there will be…