Interesting Little Pre-USDA Snippet

Posted by Nogger - a legend in his own mind at 11:23 | Categorized as

09/02/12 -- And a great excuse to get the Brazilian arses out of the bottom drawer again. The government-backed CONAB have today increased their Brazilian corn production estimate from 59.2 MMT to 60.8 MMT, I hear. That's within 0.2 MMT of what the USDA said in January, and besides our chums in Washington the highest number on the table.

The reason for the increase seems to be optimism surrounding winter corn production, which is just starting to go into the ground now, right behind summer harvesting of corn and/or soybeans.

In contrast they've trimmed their soybean estimate from 71.8 MMT to 69.2 MMT, almost 5 MMT below the USDA's January estimate and one of the lowest numbers around at the moment.