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CONAB expects record large soybean, corn crops

Brazil’s equivalent of the USDA is projecting a record soybean crop and a rebound in corn production.

CONAB is estimating soybean production at 141.3 million tons, which would be up more than 5.3 million from the previous crop, which was record large. Soybean planting starts in mid-September and most analysts are projecting an increase in acreage as Brazil tries to meet demand expectations, especially from China, but that will depend on how the expected La Nina pattern impacts yield.

Corn production is seen at a record 115.9 million tons, 29% above this year’s crop, which was impacted by a slow soybean harvest and weather issues throughout the growing season.

Rice, cotton, and dry bean production are also expected to be up on the year.

The USDA’s next set of projections for Brazilian crop production is out September 10^th.