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CONAB sees big corn, soybean crops for Brazil

Brazil’s equivalent of the USDA continues to project a record soybean crop and a big corn crop. The latest estimate from CONAB has the crop at more than 124 million tons, up 8% from 2019, because of increased planted area and timely rainfall in some key growing areas. The combined corn crop is expected to top 100 million tons, fractionally more than a year ago, with higher planted area and good growing conditions. Brazil is the world’s biggest exporter of soybeans and has become a significant competitor on the corn export market and could be an even bigger player with their currency at an historic low against the U.S. dollar. The USDA’s new soybean projection for Brazil is 126 million tons, up 1 million from February, with corn unchanged at 101 million. Brazil’s soybean harvest is about halfway complete and second crop corn planting is ongoing.