A market analyst with Total Farm Marketing says he’s looking forward to seeing USDA’s forecast for South American crop production in today’s supply/demand report.
John Heinberg tells Brownfield continued dry conditions in Brazil are likely to encourage a lower crop production forecast.
“In terms of the soy side of the equation for Brazil, we’re expecting production at 160 million metric tons, down 3 million metric tons from the November projections.”
CONAB, Brazil’s equivalent of USDA, has already lowered its corn and soybean production estimates.
