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South American weather appears to be a repeat of last week.  While flooding in RGDS has not gotten worse, it has not gotten a whole lot better either.  Heavy rainfall continues to blanket most of the state with some areas to receive an additional 8″ in the ten-day forecast.  That is on top of the estimated 25+ inches received in some areas since April 1st.   Growers are still trying to determine the damage but will not be fully known for some time yet.  We do know it has affected most major ag industries from dairy to edible beans to rice…but none more so than soybeans.   EMATER gave one estimate that of the areas remaining to be harvested, 22% will have significant damage varying anywhere from 20% loss to 100% loss.  This amounts to as much as 1.5 MMT loss.  Fields have been left exposed to moisture damage far too long and will no longer be acceptable to some elevators even with quality discounts.   In other words, the USDA crop estimate reduction last Friday of 1 MMT, didn’t really make any other concessions other than making partial accommodations for the flooding happening in the South.   CONAB’s May estimates…

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