News

CONAB increases Brazil soybean crop guess

Brazil’s equivalent of the USDA has raised its soybean production outlook.

CONAB now has Brazil’s soybean crop at 153.538 million tons, up 1.186 million on the month, with planting just over the halfway mark.

Total corn production is seen at 126.397 million tons, 0.4% less than last month on a 1.9% reduction for the first crop, which is currently being planted, now pegged at 28.153 million tons.

Brazil’s critical second crop, the largest of the three crops and the source of most of their exports, is projected at 96.271 million tons, down modestly from the previous guess.

Unless production is impacted by significant weather issues, these bigger than a year ago crops will likely mean more export competition for the U.S., especially with China. China is the biggest buyer of both U.S. and Brazilian soybeans and an agreement covering Chinese imports of GMO corn from Brazil goes into effect soon.

CONAB’s next round of production projections is out in December.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!