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CONAB raises Brazil corn, soybean estimates

Brazil’s equivalent of the USDA has increased its outlooks for corn and soybean production. CONAB says total grain and oilseed production will fall below initial estimates, but at 271.284 million tons, will be the largest combined crop on record for that nation.

The preliminary total for Brazil’s soybean crop is 124.268 million tons, slightly larger than the May guess, but down 10.1% from 2021 due to weather issues in some southern growing areas.

Harvest is just underway for Brazil’s second corn crop, the largest of the three and the source of most of their exports, with production seen at 88.016 million tons, up fractionally on the month and 45% above a year ago. CONAB says about 25% of that critical second crop is still vulnerable to weather.

Total corn production is pegged at 115.223 million tons, with the first, second, and third crops all significantly larger than last year thanks to increased planted area. The first crop totaled 24.81 million tons, up 0.5% on the month and 0.3% on the year, with the third crop projected at 2.397 million tons, 8% more than a month ago and 47.2% larger than a year ago.

The USDA’s next round of global production estimates is out Friday at Noon Eastern/11 Central.