CONAB raises corn, soybean estimates modestly

Brazil’s equivalent of the USDA has increased its expectations for soybean and corn production slightly.

CONAB says the month to month increases in both corn and soybeans followed upward revisions to planted area totals, but production for both crops will be below a year ago because of widespread weather issues faced throughout planting, development, and harvest.

This round of numbers does not include the recent flood damage to soybeans in southern Brazil or the full impact of hot, dry weather on second crop corn in central and northern Brazil.

Brazil’s soybean crop is currently seen at 147.685 million tons, with a combined corn crop of 111.636 million tons, both below the USDA’s most recent projections and up fractionally from April, but potentially down 4.5% and 15.4%, respectively, from last year. First crop corn is pegged at 23.49 million tons, with the second crop of 86.155 million tons and a third crop of 1.991 million tons.

The USDA’s next round of global production estimates is out June 12th, with CONAB’s updated outlook for Brazil on the 13th.

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