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Second crop corn conditions favorable in Brazil
An ag economist says demand has been strong for U.S. corn.
Jim McCormick with AgMarket.Net says the corn market has been monitoring harvest in Argentina and second crop conditions in Brazil.
“A big critical part is this safrinha corn crop,” he said. “From what I understand, they are getting the rain they need right now. All indications are they are going to have a very good crop in South America. We are the cheapest corn in the world right now. That window could be there as late as July, but as that safrinha crop comes on, we’re going to lose that market share.”
He tells Brownfield Brazil’s soybean harvest is essentially wrapped up for the season and that could have an impact on U.S. sales.
“Don’t be surprised if we lose export demand to South American, or Brazilian, beans,” McCormick said. “They have just harvested, and they’ve got a lot there.”
The USDA’s updated supply, demand, and production numbers are out May 12th, with CONAB’s new outlook for Brazil set for May 15th.
AUDIO: Jim McCormick with AgMarket.Net
