My contacts in SA both say the USDA is out to lunch on SA production for corn and soy.
World soy carryover at 60 MMT. If we subtract 5 MMT losses from ARG and BR. 55MMT.
USDA rprt seems to fail to assess production loss in Arg corn and sbs. Corn usda 25mmt vs 21-23 local forecasts. Sbs 52mmt vs 46-48 local
Dry in Argentina for next 10 days.
World soy carryover at 60 MMT. If we subtract 5 MMT losses from ARG and BR. 55MMT.
USDA rprt seems to fail to assess production loss in Arg corn and sbs. Corn usda 25mmt vs 21-23 local forecasts. Sbs 52mmt vs 46-48 local
Dry in Argentina for next 10 days.
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