CONAB lowers Brazil soybean, corn outlooks further

Brazil’s equivalent of the USDA has made more cuts to their domestic corn and soybean crop estimates.

CONAB now has soybeans at 146.522 million tons, 0.2% less than March and 5.2% lower than a year ago, impacted by planting delays and lower yields caused by hot, dry weather in center-west and southeastern growing areas.

Brazil’s soybean harvest is about 80% complete.

Second crop corn is nearly planted with an estimate of 85.6 million tons, down 2% on the month and 16.4% on the year, primary because of dry conditions during much of March for a couple of the top production states.

CONAB also cut the first crop corn guess because of weather issues, now at 23.356 million tons, bringing total production to 110.964 million tons, potentially 15.9% less than last year. Third crop production is pegged at 1.991 million tons.

CONAB expects Brazil’s soybean and corn exports to fall below year ago levels, potentially opening up some chances for the U.S., but that will also depend on the relative strength of the dollar and both countries domestic prices.

Ahead of planting, winter wheat production is seen at 9.73 million tons, which would be up 20.2% from a year ago.

CONAB’s next Brazil crop update is out May 14th.

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