News

Brazil’s CONAB trims soybean outlook, raises corn estimate

Brazil’s equivalent of the USDA has made minor adjustments to their corn and soybean production estimates.

CONAB now has Brazil’s soybean crop at 177.602 million tons, a little bit lower than October on a slight planted area cut, but still record large and up 3.6% from last year.

Total corn production is pegged at 138.837 million tons, up 0.2% from a month ago on a modest rise in planted area for the first crop, but that would be 1.6% below a year ago, with CONAB expecting a decline in yield. First crop production is seen at 25.867 million tons, with the second crop at 110.459 million tons, and the third crop at 2.511 million tons.

Soybean and first crop corn planting is ongoing in Brazil.

CONAB also increased its export and domestic use projections for beans and corn.

CONAB’s next round of numbers for Brazil’s crops is out December 11^th.