Monday June 22, 2020
- Though scattered, rains over the weekend were wide spread enough to take some concern out of the market this morning, and as various opportunities for rains open up in the forecast further dryness concerns lessening
- Global crop production currently has no major crop failures on the radar
- American markets are counting on Chinese buying as the supply side of the balance sheet continues to firm with decent crop conditions
- Private analysts Safras & Mercado updated their estimates for Brazil’s 2019/20 safrinha corn crop from 69.5 MMT to 75.0 MMT due to an increase in planted acres – so far 8% of the crop has been harvested
- This would bring total Brazilian production to 108.4 MMT compared the previously estimated 101.5 MMT