“Widespread rainfall is expected (in Brazil) during the six- to 10-day period, which will further boost soil moisture in northern areas and also lead to improvements across central areas, favouring corn and soybean growth.”
Brazilian producers have 73% of the estimated soybean area planted for the 2017/2018 crop. Now, the planting of Brazilian soybeans is no longer behind schedule. The rains that have fallen in all of the main producing regions have allowed the advance of the sowing.
USDA raises its forecast for 2016-17 Brazilian corn output by 5 million tonnes from last month, to a whopping 91.5 million. Argentina’s crop is revised up 1 million from last month to 37.5 million tonnes. That’s a new record high for the two countries, up 34.3% from a year earlier.
—USDA monthly global crop update, released Thursday.