Reuters’ Andre Romani and Leticia Fucuchima reported Tuesday that “soybean losses related to recent floods in Brazil’s southernmost state of Rio Grande do Sul were estimated at 2.71 million metric tons, crop agency Emater said on Tuesday, in line with private forecasts ranging from 2.8 million to 3 million tons.” “Emater said in a statement […]
South America
Brazil Floods Likely to Affect Future Crop Seasons
Bloomberg’s Clarice Couto reported Wednesday that “catastrophic floods in Brazil will have long-lasting impacts for agriculture, with soaked soils making it harder for farmers to plant crops including rice and wheat for next season.” “Growers in Rio Grande do Sul will likely be forced to shift away from their traditional crops and into new cultures, […]
Brazil Soy Harvest Hit by Floods, Argentina Corn Forecast Cut
Reuters’ Ana Mano and Roberto Samora reported this past Friday that “the outlook for the soybean harvest in Rio Grande do Sul, which was on track to become the second largest producer in Brazil behind Mato Grosso state, is deteriorating swiftly after torrential rains flooded fields, with about a quarter of beans to be reaped.” […]
USDA Brazil estimates remain far above Conab
Reuters’ Karen Braun reported Wednesday that “benchmark industry estimates of top exporter Brazil’s soybean crop have deviated even further from each other this month following a season blemished by questionable weather. That same controversy may be brewing for the country’s corn crop, especially with unfavorable conditions potentially on tap for Brazil’s top production state.” Despite […]
Brazil, Argentina Crop Production Estimates Cut
Soybean production estimates for Argentina and Brazil, along with corn production estimates for Argentina, were lowered earlier this week by agribusiness consultancy Agroconsult and the Rosario Grains Exchange. “Brazil’s 2023/2024 soybean crop estimate has been reduced to 152.2 million metric tons from the previous estimate of 153.8 million tons, agribusiness consultancy Agroconsult said on Tuesday, […]
Soybean Futures Continue Falling
Bloomberg’s Gerson Freitas Jr reported that last week, “soybeans capped an eighth straight week of losses, the longest stretch of declines since 2006, on an outlook for record global stockpiles and sluggish appetite for US exports.” “The losing streak underscores how soybean traders have lacked any incentive to buy futures of the commodity used in […]
Brazil soybean group disagrees with high production estimates
Reuters’ Ana Mano reported yesterday that Aprasoja Brasil — “an association representing thousands of grain farmers in Brazil projects production of 135 million metric tons of soybeans in the 2023/2024 cycle.” That production estimate is significantly lower than private estimates, the United States Department of Agriculture estimate and Brazilian crop agency Conab’s estimate from earlier […]
Argentina’s Rosario Exchange increases soybean and corn production estimates
Bloomberg reporter Jonathan Gilbert reported yesterday that “Argentina is on course to produce its best soybean crop in five seasons — 52 million metric tons — as El Nino-fueled rains water fields that were parched by several years of drought.” “An Argentine soy harvest of 52 million tons would surpass last year’s miserly crop by 160%, impacting […]