CONAB adjusts Brazil corn, soybean guesses slightly

Brazil’s equivalent of the USDA continues to project record soybean and corn production.

CONAB now has Brazil’s soybean crop at 151.419 million tons, 1% less than the February guess because of drought in some southern growing areas, but still 20.6% above a year ago due to generally improved weather and increased planted area.

Brazil’s second corn crop, the largest of their three, is estimated at 95.605 million tons, up 0.7% on the month and 11.3% on the year, but CONAB says part of the crop will be planted after the optimal window, which could impact yield.

The combined corn crop is seen at 124.677 million tons, which would be 10.2% larger than last year. That also includes current guesses of 26.758 million tons for the first crop and 2.315 million tons for the third, 6.9% and 4.7% larger than last year, respectively.

Brazil’s soybean harvest is just over the halfway point and second crop corn planting is about 70% complete.

CONAB’s next round of estimates for Brazil is out April 13th.

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