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CONAB makes big cut to Brazil soybean estimate
Brazil’s equivalent of the USDA has slashed its soybean production outlook due to drought conditions in southern growing areas.
CONAB now has Brazil’s bean crop at 125.471 million tons, a drop of 15.028 million tons from January and 12.682 million tons below 2021.
Brazil’s first corn crop is pegged at 24.434 million tons, modestly lower than both last month and last year, with second crop production at 86.053 million tons, a little bit less than a month ago, but up 25.288 million from a year ago.
Brazil’s second corn crop is the largest of the three, the source of most of their exports, and is planted after soybeans are harvested. Soybean harvest activity is underway in portions of central and northern Brazil, with some rain-related delays and quality concerns being reported.
CONAB’s new projections are below the USDA’s most recent estimates and lower Brazilian corn and soybean production should open up more export opportunities for U.S. farmers.
The USDA’s next set of estimates is out March 9th, with CONAB’s new projections out March 10th.
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