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| The projections are for Brazil to be up 5mmt, and that is certainly possible just because of added acreage. So nothing out of the ordinary, or pie in the sky there.
Argentina is projected to bounce back from their 25mmt to an upper 40mmt volume. Given the wreck they had last year, it’s unlikely to be a repeat as an event like our 2012 was unlikely to repeat. They have produced very close to or more than 50mmt in 10 if the last 20 years, so nothing too optimistic there. With ‘normal weather’ no reason to question the projection, with ‘good’ weather who knows what they could produce.
One thing to keep in mind, is that the sheer size and geographic layout of their country, there will always be a bad spot, less than ideal somewhere, that doesn’t mean that it still won’t be a large crop. | |
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Chinese bean purchase
