CONAB raises Brazil corn, soybean estimates


CONAB raises Brazil corn, soybean estimates

Brazil’s equivalent of the USDA has raised its corn and soybean production estimates slightly.

CONAB has Brazil’s soybean crop at a record 142.01 million tons, up 0.9% from the October guess and 3.4% above a year ago.

Brazil’s first corn crop is seen at 28.601 million tons, 1% more than last month and 15.7% larger than last year.

Planting of soybeans and first crop corn is ongoing.

Second crop production, the source of most of Brazil exports, is expected be 86.256 million tons, which would be a jump of 42% on the year, but that will depend on the pace of the soybean harvest, fertilizer availability, and how the La Nina pattern impacts South American crops.

Brazil is the world’s top producer and exporter of soybeans and the third largest producer of corn and second biggest exporter of corn.

The USDA’s next set of estimates for Brazil is out December 9th.