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U.S. farmer watching Brazil harvest closely
Brazil’s equivalent of the USDA has lowered outlooks for this year’s corn and soybean crops due to hot, dry weather in southern growing areas, which could open up export opportunities for U.S. producers.
Central Nebraska farmer Clay Govier tells Brownfield he’s watching South America closely as harvest gets underway to see how production could impact demand, “They’ve been kind of dry in places, but I think the best growing places in Brazil, for example, they’re still looking at a record yield, so, you know, we’re going to have some pressure there. But, you know, overall, like I said, demand is good.”
CONAB estimates soybean production at 140.5 million tons, down 1.6% from December, but up 2.3% from 2021.
Brazil’s first corn crop is seen at 24.787 million tons, a cut of 14.7% on the month, but up 0.3% on the year, with CONAB holding their projections steady for the second and third crops at 86.259 million and 1.856 million tons, respectively. Brazil’s second corn crop, the largest of the three and the source of most of their exports, is planted after the end of the soybean harvest. Total corn production for Brazil is pegged at 112.902 million tons, 3.7% under a month ago, but 29.7% above a year ago.
CONAB also made month-to-month reductions for wheat and rice production, but raised expectations for cotton.
