Analysts mixed on corn, but expect lower soybean numbers All
eyes will be on the South American corn and soybean crops this
Friday when USDA releases its March World Agricultural Supply
and Demand Estimates. Initial pre-report estimates are mixed on
corn but lower for soybeans. Looking at the corn crop first,
Allendale expects USDA to lower Argentina’s corn production by 1
million metric tons to 21 million. The market research and
brokerage firm based in McHenry, Ill., also expects USDA to
decrease Brazil’s corn production to 60.5 million metric tons, a
decline of 500,000 metric tons from USDA’s February estimates.
"Rainfall in Brazil was lower than normal in February in four of
the top five provinces," says Allendale Research Director Rich
Nelson. "In Argentina, we thought USDA did not drop corn enough
in its February report." In USDA’s February WASDE report, the
department lowered Argentina’s corn production from 27 million
metric tons to 22 million. "We simply feel there is one last
adjustment left for Arg