Market News & Headlines >> USDA Seen Cutting Brazil Crop Estimates

USDA is expected to cut its forecast for Brazil’s 2023/24 corn and soybean crops a bit further in Friday morning’s monthly Supply/Demand forecast, while leaving Argentina’s expected production unchanged.

Pre-report trade estimates of Brazil’s 2023/24 soybean crop average 152.8 million metric tons in a range from 150-156 million tons compared with USDA’s February estimate of 156 million tons, according to a Bloomberg News survey of 19 analysts.

Trade estimates of Brazil’s 2023/24 corn crop average 122.4 million metric tons in a range from 120.0-125.0 million tons compared with USDA’s February forecast of 124 million tons.

Pre-report estimates of Argentina’s corn production average 55.1 million tons in a range from 54.0-57.0 million compared with USDA’ s February forecast of 55.0 million tons.  Trade expectations for Argentina’s soybean crop average 50.3 million tons in a range from 50.0-52.0 million tons compared with USDA’s February estimate of 50.0 million.

The latest crop estimates from CONAB, the supply department of Brazil’s agriculture ministry will not be released until Monday, March 12.