Market News & Headlines >> Big S. American Crops Seen Getting Bigger

Reports due out from USDA and from Brazil’s agriculture ministry on Tuesday are expected to boost projected Brazilian corn and soybean production further amid continued favorable crop weather in that country. USDA is also expected to raise its production estimates for Argentina due to strong crop yields there.

U.S. trade estimates of Brazil’s soybean crop average 109.86 million metric tons (4.036 billion bushels) in a range from 107.00-111.56 million tons, according to a Reuters News Service survey of 18 analysts. That compares with March estimates of 108.00 million tons from USDA and 107.60 million tons from CONAB, the supply department of Brazil’s agriculture ministry. 

Estimates of soybean production from the Brazilian grain trade tend to be even larger. Brazilian consultant AgRural recently pegged production at 111.6 MMT, while another consulting firm, AgroConsult, earlier pegged soybean output at 113.3 MMT and a third firm, Celeres, put production at 113.8 MMT. 

Trade estimates of Brazil's total corn production average 92.43 million metric tons in a range from 90.50-94.00 million, versus USDA's March estimate of 91.5 million tons and CONAB’s March estimate of 88.9 million tons.  

Pre-report estimates of Argentina’s soybean crop average 55.89 million tons in a range from 55.00-57.50 million compared with USDA’s March estimate of 55.50 million.  Expectations for Argentina’s corn crop average 37.79 million tons in a arrange from 37.00-38.50 million, versus USDA’s March estimate of 37.5 million tons.