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CONAB expecting record soybean, corn production
Dry weather in Brazil isn’t leading to decreased soybean production estimates, yet.
Brazil’s equivalent of the USDA CONAB is projecting new crop soybean production at a record 133.7 million tons on expectations for increased planted area as that nation tries to meet soybean export demand from China while still fulfilling domestic needs for livestock feed and vegetable oils.
Parts of Brazil are expected to receive rainfall starting late this week or early next week, which should speed up planting, but there’s been enough of a delay that China could have to rely on the U.S. for soybean needs into early 2021.
Those soybean planting delays will also push back planting of Brazil’s second corn crop, the source of most of their corn exports.
CONAB is projecting Brazil’s corn crop at a record 105.2 million tons.
The USDA’s new world production estimates are out Friday.
