CONAB increases Brazil corn, soybean guesses


CONAB increases Brazil corn, soybean guesses

Brazil’s equivalent of the USDA has increased its corn and soybean production projections.

CONAB says November rain coverage was good in many key growing areas, pushing planting ahead of average and aiding early development, but that rain missed southern portions of the country, causing some stress. That is in-line with the La Nina weather pattern and is also impacting crops in parts of Argentina.

CONAB sees soybean production at a record 142.79 million tons, up a half a percent from November and 4% from 2020.

Brazil’s first corn crop is estimated at 29.066 million tons, 1.6% higher than a month ago and more than 17% above a year ago, with the critical second crop at 86.259 million tons, a jump of 42% on the year due to expectations for improved weather. Brazil’s second corn crop is planted after soybeans are harvested and is the source of most of their exports. Third crop production is pegged at 1.856 million tons, which would be 17% larger than last year.

The USDA has Brazil’s soybean crop at 144 million tons and corn at 118 million, both unchanged from November.