News
CONAB cuts Brazil soybean estimate further
Brazil’s equivalent of the USDA has lowered its outlook for soybean production because of continued hot, dry weather in some key growing areas.
CONAB projects Brazil’s bean crop at 122.77 million tons, down 2.702 million from February and 15.383 million less than last year’s total.
The estimate for the first corn crop was cut by 102,600 tons to 24.332 million, but the outlook for the critical second crop was increased by 101,000 tons to 86.154 million tons. Total production is expected to be 112.341 million tons. Brazil’s second corn crop is the largest of the three and the source of most of their exports. A year ago, the first crop totaled 24.727 million tons, while second crop production was 60.742 million tons, with combined production of 87.055 million tons.
These production projections are below the USDA’s most recent guesses.
CONAB’s corn and soybean export expectations were unchanged on the month.
CONAB’s next set of numbers for Brazil is out April 7th, with new USDA supply and demand estimates scheduled for April 8th.
