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CONAB cuts soybean, corn estimates further

Brazil’s equivalent of the USDA has lowered its outlooks for soybean and corn production.

CONAB now has soybeans at 149.404 million tons, a decrease of nearly 3.8% from January and well below initial expectations because of planting delays and dry weather in some growing areas during key phases of development.

Brazil’s second corn crop, planted after soybeans in some areas, is pegged at 88.099 million tons, a decline of 3.4% on the month and 13.9% on the year due to the issues with soybean planting earlier in the season.

Combined production for Brazil’s three crops is estimated at 113.696 million tons, a potential drop of 13.8% from a year ago. That includes a first crop of 23.607 million tons, a decrease of 13.8% from last year, and a third crop of 1.991 million tons, 7.6% lower.

CONAB says these smaller crops should lead to lower exports for Brazil, which could open up some opportunities for the U.S.

Brazil’s soybean harvest and second crop corn planting are both on going.

CONAB’s next set of production estimates for Brazil is out March 12th.

  • whats wrong with usda always posting such high numbers ,maybe this is what usda wants after all its a government agency tryiing to get rid of farmers like in europe we are carbon demons

    • Why does the USDA have the right to tell their government they are wrong? If we could go by CONAB numbers this would probably have pushed many shorts out of their positions and we could be 50 cents higher than what we are! This could have let many of us make some sales and at least lesson our losses! I say that the government has instructed the USDA to do this as a plan to help their overall fight against inflation!

    • Conspiracy theory, US government wants lower inflation. Especially food prices. Lower input costs like corn, soybeans, and wheat is what they are after. It doesn’t matter that we lost 600,000 acres never harvested, they just made it up an extra bushels per acre. Most US farmers are Republican minded. Is just a bonus for them. Cheap food costs reminds us of the late 70s early 80s. High interest rates are next. Good luck American farmer, we are going to need it the next 5 years. Cleaning up the Biden administration MESS!

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