CONAB increases corn, soybean crop estimates

Brazil’s equivalent of the USDA has raised its already record projections for that nation’s corn and soybean crops.

Brazil is already back to dominating the soybean export market because of the price advantage over the U.S. due to the very tight U.S. supply and while there are concerns about yield in Brazil’s second crop due to some planting delays, Brazil will resume its role as a significant exporter of corn once that crop is harvested.

CONAB sees Brazil’s soybean crop at 135.54 million tons, up 408,000 tons on the month and 10.695 million on the year, with the total corn crop at 108.966 million tons, up 877,000 tons from the last guess and 6.38 million above a year ago, with an increase for the first crop cancelling out a slight decrease for the still developing second crop. CONAB has the first crop at 24.513 million tons, up 1.022 million from March, the second crop at 82.608 million tons, down 194,000 tons, and the third crop at 1.845 million tons, 69,000 higher.

The USDA’s next set of official corn and soybean production estimates for Brazil is out Friday at Noon Eastern/11 Central.

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