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CONAB trims Brazil soybean, corn outlooks

Brazil’s equivalent of the USDA has lowered its corn and soybean production outlooks slightly because of weather but is still expecting much larger crops this year than last year. That means even more competition for the U.S. on the export market.

CONAB say the modest month-to-month cuts followed planting delays in some areas due to cool, wet weather, while planting in other parts of Brazil was delayed by a lack of soil moisture.

Soybean planting is nearly complete with production seen at a record 152.713 million tons, a 0.5% less than December but 21.6% larger than the 2022 total, if realized.

CONAB says Brazil’s first corn crop is almost planted with production pegged at 26.461 million tons, 2.8% less than last month but 5.7% more than last year.

Brazil’s second corn crop is projected at 96.271 million tons, 12.% above a year ago, with planting getting underway after soybeans are harvested.

Brazil did produce a record large wheat crop at 9.767 million tons thanks to better weather than last season and increased planted area, which should reduce imports.

CONAB’s next round of estimates for Brazil is scheduled for February 8^th.