Highlights
CONAB (Brazil’s USDA) updated its production estimates yesterday (all numbers are million mts):
Soybeans: 167.369, up 1.346 from last month (USDA 169)
All Corn: 122.760, up 440,000 (USDA 126)
Second crop corn: 95.515, down 533,000 (USDA NA)
The basis for corn, soybean, and soybean meal in Brazil was firmer yesterday despite the higher futures prices.
In Argentina, the Rosario Stock Exchange has once again reduced its projection for the corn harvest by 1.5 million mts, which fell to 44.5 million mts (USDA 50). In addition, the sudden change in weather, from too dry to excessive rain, has hampered the corn harvest in central Argentina. Harvest progress advanced only 1.4% this week, reaching 8.1% complete.