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CONAB raises Brazil soybean, corn crop estimates

Brazil’s equivalent of the USDA has increased its soybean and corn production projections.

CONAB says those larger crops are due to better yields thanks to some improvements in weather, along with higher planted area.

Soybeans are seen at a record 167.9 million tons, 0.3% more than in March and up 13.6% from 2024.

CONAB did lower its estimate for the first corn crop by 1.6% to 24.465 million tons, but raised the guess for the second corn crop 2.5%, now pegged at 98 million tons, up 8.5% from last year, with total production also above a month ago and a year ago at 124.743 million tons.

The soybean harvest and second crop corn planting are close to wrapping up.

Brazil’s soybean exports are expected to be 105.858 million tons, up 7.043 million from last marketing year, with corn exports at 34 million tons, down 4.501 million because of competition from the U.S.

CONAB is also anticipating a record cotton crop, but lowered its outlook for domestic wheat production.

CONAB’s next round of projections for Brazil is out May 15^th.