News

CONAB cuts Brazil corn crop guess again

Brazil’s equivalent of the USDA has again lowered its outlook for that nation’s second corn crop because of planting delays, dry weather during development, and a late season frost/freeze event.

CONAB has that second crop at 66.971 million tons, down 2.987 million from June and 8.083 million from 2020, which leaves total production at 93.385 million tons, 3.007 million below the last guess and a year-to-year decline of 9.202 million tons. Brazil’s second crop is the source of most of their exports, with the U.S. and Ukraine expected to take some of that market share. The second crop corn harvest is ongoing.

First crop production was reported at 24.909 million tons, 191,600 more than a month ago, but 780,400 less than a year ago, while the much smaller third crop is projected at 1.505 million tons, 212,600 under last month and 338,900 below last year.

CONAB raised its estimate for Brazil’s soybean crop to a world record 135.912 million tons, slightly more than the previous report and a jump of 11.067 million tons on the year.

The USDA’s next set of U.S. and world supply, demand, and production numbers is out Monday, July 12^th, at Noon Eastern/11 Central.