CONAB soybean guess up slightly, corn down

Brazil’s equivalent of the USDA has raised its soybean production outlook slightly, while trimming its guess for corn.

CONAB now sees soybeans at a record 152.89 million tons, up 0.1% from January as favorable results in Brazil’s Midwest cancel out disappointing yields from dry southern growing areas.

Total corn production is pegged at 123.744 million tons, including a second crop of 94.967 million tons, both slightly lower than last month because of those persistent dry weather issues in southern Brazil. First crop production is estimated at 26.462 million tons, unchanged from a month ago, with the third crop at 2.315 million tons, 0.6% smaller than in January.

Soybean harvest activity in Brazil is ongoing with rain delays in central and northern growing areas keeping the pace slower than average and pushing back second crop corn planting.

Brazil’s corn and soybean crops should both be significantly larger than last year thanks to generally better growing conditions, leading to more competition for the U.S. on the export market.

CONAB’s next round of projections for Brazil is scheduled for March 9th.

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