May 14, 2024

USDA revises South American corn and soybean production estimates

The US Department of Agriculture (USDA) has made modest revisions to its South American corn and soybean production estimates, Brownfield Ag News reported.

For corn, the USDA reduced Argentina's estimate by 2 million tonnes to 53 million tonnes. This adjustment is attributed to damage from leafhoppers and disease. Brazil's combined corn crop estimate was also lowered by 2 million tonnes to 122 million tonnes, partly due to hot, dry weather in central and northern growing areas.

In the case of soybeans, the USDA left Argentina's estimate unchanged from April at 50 million tonnes. However, Brazil's estimate was reduced by 1 million tonnes to 154 million tonnes.

These estimates are expected to change as crop development progresses and the harvest continues. Significant delays and probable crop losses are anticipated for soybeans in Argentina and southern Brazil due to heavy rainfall and flooding.

The USDA's next round of supply, demand, and production numbers is scheduled for release on June 12, 2024.

-      Brownfield Ag News