May 17, 2024

Brazil adjusts upward soybean and corn production estimates

Brazil's CONAB has slightly increased its expectations for soybean and corn production, Brownfield Ag News reported.

The agency attributes the month-to-month increases in both crops to upward revisions in planted area totals. Production for both crops is still expected to be below last year's levels due to widespread weather issues during planting, development, and harvest.

The latest figures do not account for the recent flood damage to soybeans in southern Brazil or the full impact of hot, dry weather on second-crop corn in central and northern Brazil.

Currently, Brazil's soybean crop is estimated at 147.685 million tonnes, with a combined corn crop of 111.636 million tonnes. These figures are below the USDA's most recent projections but represent a slight increase from April. However, they are potentially down 4.5% and 15.4%, respectively, from last year. First-crop corn is pegged at 23.49 million tonnes, with the second crop at 86.155 million tonnes and a third crop at 1.991 million tonnes.

-      Brownfield Ag News