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CONAB sees big corn, soybean crops for Brazil

Brazil’s equivalent of the USDA is projecting big corn and soybean crops.

CONAB sees soybean production at 166.054 million tons, which would be up 12.7% from last year on an increase in planted area and improved yields.

Combined corn production is pegged at 119.739 million tons, potentially 3.5% more than a year ago with an overall decline in planted area canceled out by better yield expectations for the first and second crops. First crop production is estimated at 22.721 million tons, 1.1% lower due to lower planted area, with the second crop at 94.631 million tons, 4.8% higher on those yield and planted area expectations.

Soybean and first crop corn planting are ongoing in Brazil, with delays in some areas due to dry weather, but there is rain in the forecast.

CONAB is also expecting higher planted area for cotton, rice, and sunflowers.

If realized, combined grain and oilseed production would be record large and 8.3% above the previous growing season.

The USDA’s next round of supply, demand, and production numbers is out November 8^th.