Brazilian ag consultant Kory Melby says recent rains in Brazil stabilized the soybean crop. “In the last three weeks, we received beneficial rains throughout the country. I’m thinking of increasing my crop estimate a little bit. At the end of the day, it will depend on Rio Grande do Sul.” Conditions in Argentina are complex. “Cordoba did get two to three inches of rain. I see rains on the radar for southern Buenos Aires. There are pockets in western Buenos Aires province and southern Santa Fe province that are in dire need of rain. That is an important pocket. Crop potentials are slipping, I’m hearing a low as 46 or 47 million tons for soy. We started in the low 50s and we’ll see how the next few months play out.”
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