Analyst says watch Brazil’s corn crop
A crop analyst says Brazil’s latest estimates through CONAB for its corn and soybean crops are a little higher which is understandable for soybeans.
But, Michael Cordonnier with Soybean and Corn Advisor tells Brownfield corn is likely another story, “This is the first crop of corn in Brazil. It’s right now pollinating, filling grain. Some of the states in southern Brazil, it was the driest November they’ve had in years and it’s really taking a toll on the corn.”
He says most analysts expect Brazil’s first crop corn yields to decline 10 to 20% or more but it depends on weather the rest of December. The second, bigger crop, could also be affected.
Cordonnier says the implications are both negative and positive for U.S. producers. Corn exports from Brazil were down a LOT last year because of drought.
“They ended up with like 17 Million. That extra exports went to United States, Ukraine, some other places and some Argentina. So, what they don’t produce there means less exports and more chances for United States to export.”
With La Nina having taken hold in southern South America, he says a few more months of the weather pattern are expected.