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CONAB hikes corn, soybean crop estimates

Brazil’s equivalent of the USDA has raised corn and soybean production projections.

CONAB raised those already record large estimates because of higher planted area despite rain delaying soybean harvest activity and leading to quality concerns and planting of part of the critical second corn crop being pushed past the optimal window by those soybean harvest delays.

That will lead to more export competition with the U.S. as Brazil is the world’s biggest seller of soybeans and plays an increasing role on the corn export market.

CONAB sees soybeans at 135.132 million tons, up 1% from February and 8.2% above the 2020 total.

The combined corn crop is pegged at 108.069 million tons, a jump of 5.555 million tons on the year, with an 8.6% decline in the first crop to 23.491 million tons more than canceled out by a 10.3% increase for the second crop, to 82.802 million tons.

The USDA currently has Brazil’s soybean crop at 134 million tons and total corn production at 109 million tons, with the next set of estimates out April 9th.

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