Yesterday, the Brazil ag consulting firm, Safras & Mercado, lowered their Brazilian bean crop estimate from 125.08 to 122.3 million mt (USDA is at 125). They kept their estimate of Brazil’s corn crop steady at 118.13 million mt. USDA is at 116 million mt. The top producing corn state Mato Grosso experienced the driest April in 17 years.
Argentina’s corn crop is about 50% harvested and the bean crop is about 55% harvested. Both crops are rated 16% good or excellent by the Buenos Aires Grain Exchange (BAGE).
Andrey Sizov reports farmers in southern Russia are sitting on more wheat in the bins than any time for the past many years. Many farmers will have to carry them into the new crop year when the export quota expires early this summer. That wheat probably will hit the export market in July when the quota period is over and harvest is full bore.
Brazil’s soybean exports were 28% less in April (11.6 million mt) from a year ago. Furthermore, this is the first year ever that April soybean shipments were less than March soybean exports. A poor crop will diminish exports every year.