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CONAB cuts Brazil corn, wheat estimates

Brazil’s equivalent of the USDA has lowered that nation’s corn production estimate due to weather issues in some key growing areas.

CONAB now has Brazil’s total corn crop at 115.649 million tons, 0.2% lower than July on a reduction in yield and harvested area for the first crop, now pegged at 22.962 million tons, canceling out a slightly higher guess for the second crop to 90.285 million tons due to a bigger harvested area figure, with about 90% of the crop collected. CONAB also lowered the third crop outlook 0.3% on the month to 2.402 million tons.

Combined corn production is expected to be down 12.3% on the year on lower acreage and yield numbers.

Even with that smaller crop, CONAB raised its corn export outlook because of currency devaluation.

CONAB says Brazil’s soybean crop totaled 147.382 million tons, 4.7% less than a year ago following a decline in yield.

The agency also made a month-to-month cut to winter wheat,1.3% lower at 8.837 million tons, citing weather related planting delays that lowered acreage.

CONAB’s next production outlook for Brazil is scheduled for September 12^th.