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CONAB expects another record soybean crop in Brazil

Brazil’s equivalent of the USDA is projecting another record large soybean crop.

CONAB sees the bean crop at 162.003 million tons, expecting increases in both planted area and yield. That year-to-year rise is tied to strong demand for soybeans, especially from China, with CONAB also anticipating another year of record large soybean exports.

Combined production for Brazil’s three corn crops is seen at 119.405 million tons, which would be 9.5% below a year ago on lower planted area and yields. First crop production is estimated at 26.167 million tons, down 4.4%, with the second crop at 91.218 million tons, 10.7% lower and the third crop at 2.02 million tons, a drop of 13.5%. That decline in corn production is expected to limit exports, leaving some opportunities for U.S. producers.

Soybean and first crop corn planting are ongoing.

CONAB is also a larger rice crop against smaller cotton and sorghum crops.

Domestic wheat production for Brazil is pegged at 10.5 million tons, below a year ago due to weather issues, with harvest 40% complete.

The USDA’s updated global supply, demand, and production numbers are out Thursday at Noon Eastern/11 Central.