CONAB lowers soybean, corn outlooks slightly

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CONAB lowers soybean, corn outlooks slightly

Brazil’s equivalent of the USDA has lowered soybean and corn crop outlooks as lower than normal rainfall in parts of the country continues to impact production.

CONAB now has beans at 133.692 million tons, a new record, but down 759,000 tons from December, with harvest reportedly getting underway in the key growing state of Mato Grosso.

Brazil’s first corn crop is estimated at 23.912 million tons, 275,000 less than last month as weather trims yield potential, while CONAB maintains it’s guess for the second crop at 76.763 million tons and the third crop at 1.638 million tons.

Brazil’s second crop is the larger of the three, the source of most of their exports, and is planted after soybeans are harvested.

The USDA currently has Brazil’s soybean crop at 133 million tons with total corn production at 109 million tons.

The next set of estimates from the USDA and CONAB are out in February.