News

CONAB maintains big Brazil soybean, corn estimates

Brazil’s equivalent of the USDA continues to project large soybean and corn crops.

CONAB now sees Brazil’s soybean crop at 167.37 million tons, up 13.3% from 2024, with yield and acreage both above a year ago.

Total corn production is pegged at 122.76 million tons, 6.1% more than last year, with a month-to-month increase in the first crop on yield to 24.857 million tons canceling out a fractional cut to the second crop due to lower planted area, now at 95.516 million tons. Third crop production is estimated at 2.387 million tons.

The estimates are less than the USDA’s most recent guesses but are still substantial and will likely mean more export competition for the U.S. in the coming weeks and months.

Brazil’s soybean harvest has passed the 60% mark and more than 80% of second crop corn is planted, both ahead of average.

CONAB also expects cotton, rice, and sorghum production to top 2024.

CONAB and the USDA will both release their updated production estimates for Brazil April 10^th.