CONAB reduces Brazil soybean, corn crop estimates
Brazil’s equivalent of the USDA has lowered its soybean and corn production outlooks.
CONAB says the month-to-month cuts were because of weather, with planting delays and development issues due to hot, dry conditions in central growing areas and excessive moisture in the south. Numbers could fall further as the soybean harvest advances and second crop corn planting gets underway.
Brazil’s new soybean crop is seen at 155.269 million tons, a decline of 3% from December, but still 0.4% larger than 2023.
Total corn production is pegged at 117.604 million tons, down 0.8% on the year, with the first crop at 24.385 million tons, 3.7% lower than last month, with both projections 10.9% under a year ago. The second crop corn estimate was unchanged at 91.235 million tons, with the third crop also steady at 1.984 million tons.
CONAB lowered its corn and soybean export outlooks because of the smaller crop guesses, along with increased domestic biodiesel demand for soybean oil, but expects Brazil to maintain its status as the largest exporter of corn.
The USDA’s next round of global production estimates is out Friday, January 12th, at Noon Eastern/11 Central.