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CONAB makes minor changes to Brazil crop estimates
Brazil’s equivalent of the USDA trimmed its combined grain and oilseed production estimates.
CONAB has combined crop production at 322.425 million tons, slightly less than the November guess following minor adjustments to planted area and yield projections, but still up 8.2% on the year and record large.
That includes 166.211 million tons of soybeans, a little bit more than last month and 12.5% above last year.
The total corn crop is seen at 119.633 million tons, 0.2% below the previous month but up 3.4% from a year ago, with a first crop of 22.615 million tons and a second crop of 94.631 million tons.
CONAB also made month-to-month cuts in cotton, rice, and wheat projections.
Crop development weather looks favorable in most of Brazil.
The USDA’s updated production estimates are out January 10th and CONAB’s next round of guesses for Brazil is set for January 14th.
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