Analysts have noted the analog years for adverse El Niño impacts in Brazil as 2015/16 and 2020/21. As in those years, Brazil has had limited moisture and intense heat in major central and norther production areas. However, corn was more adversely impacted than soybeans in both of those past production years. Corn production declined 21.1 percent and 14.7 percent, respectively. By contrast, soybean output fell just 1.34 percent in 2015/16, and increased in 2020/21. However, soybean production fell the following year by 6.4 percent.  The current respite from heat and drought is limited. Showers are scattered and with lower intensity. The Vegetative Health Index is worse than 2015 in some areas, and less harsh in other areas. As s...

TAGS – Feed Grains, Soy & Oilseeds, South America