The Brazilian soybean harvest was estimated at 63% complete as of last Friday. This is only slightly below the 66% 5 year average. Yields are mixed, but the crop still looks to be on track for a record production year.
The Safrinha corn crop planting is complete. Southern Brazil is having to import corn from some other states because of the large demand from the livestock sector which is resulting in record prices in those areas. Some of the early corn was exported from those states, leaving a deficit.
Bottom line, the SA production on both corn and beans this year will continue to provide strong competition to US supplies.
BB