12-05-2012 06:08 AM
The consultancy Informa Economics is increasing the forecast for the Brazilian soybeans production to 81.4 million tons in the 2012/13 season. The previous estimate was predicting 81.25 million tons in the season. For corn, however, they have decreased it from 66.8 million tons to 66.2 tons in the same season.
Due to higher than expected rain in Argentina, the country will have a soybean crop of 58.4 million tons - before was 59.5 million tons. The Argentinean corn production for now would stay at 27 million tons.
With regard to wheat, the news are bad for both countries, something which will affect prices significantly. But that will a subject for a larger post during the week.