CONAB followed the USDA and raised its estimate for Brazilian soy production in its March report. The yield estimate was fractionally higher, and the most significant change came from an increase in area. CONAB raised its soybean harvested area by 195,200 hectares (482,348 acres). But the combination of more and a slightly better yield resulted…
The USDA in its March WASDE raised South American soybean production a net 500,000 MTs, but otherwise opted to delay passing judgment on crops until harvest is near completion with actual yield data in hand. This makes sense given soy harvest in both Argentina and Brazil will reach 50% complete some 3-4 weeks later than…
2020/21 global corn balance sheets depend on 2021 South American weather and resulting crop sizes. ARC expects an eventual 2-3 MMTs downgrade to Argentine production as recent untimely heat/dryness has been established. Additionally, there is a heavy burden being placed upon Brazilian weather in April/May amid delayed seeding intentions. CONAB in February pegged Brazil’s safrinha…
The March Census Trade Report showed US pork exports in January slipped to a 3 month low of 606 Mil Lbs. Compared to a year ago, the US pork export pace was 8% less with most of the decline due to slowing trade with China. US January pork shipments to China slipped to a 3…
The March Census Trade Report showed January soybean exports at 324 Mil Bu. It was a record large figure for January, but fell 3 Mil Bu short the FGIS monthly inspections. The Sep-Dec monthly export rate averaged 25 Mil Bu over FGIS (a record large difference), so the January under is a significant shift in…
