South American corn, soy crop estimates increase
Analytical firm Informa Economics raised its estimates of corn and soy production in Brazil and Argentina, trade sources said on Wednesday (Feb 3).
The firm projected Brazil's 2009-10 soy production at 66.5 million tonnes, up 500,000 tonnes from its January outlook; while Argentina's soy crop is seen at 54.0 million tonnes, up 1 million tonnes from last month.
For corn, Informa raised its 2009-10 Argentine crop estimate to 18.2 million tonnes, up 2.7 million tonnes from last month. The firm projected Brazilian corn production at 53.3 million tonnes, up 600,000 from last month.
Corn and soy futures on the CBOT fell to session lows after the estimates were released. Informa's projections for the two South American crops are above current estimates from the USDA.
USDA in January projected Brazil's soy crop at 65.0 million tonnes and Argentina's soy crop at 53.0 million tonnes; while Brazil's corn crop is seen at 51.0 million and Argentina's at 15.0 million tonnes.
USDA was scheduled to update its supply/demand tables and outlooks for world crop production on February 9.