Estimate Brazil soy crop at 142 mmt but could slip to 140 mmt (USDA at 144 mmt)
Estimate Brazil corn crop at 114 mmt (USDA at 118 mmt(.
Dryness in south characterized as “seriousâ€: Parana soy yields cut-RGDS need rain soon
Do not expect additional farm selling until late Feb (waiting on extent of drought losses)
35% of 2022 soy crop sold for export vs. 50% LY.
Conab’s 5.7% safrina corn area gain likely given high corn price & favorable exch. rate
Timely soy planting suggests optimal window for safrina corn planting
