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CONAB trims corn, soybean estimates, still sees big crops

Brazil’s equivalent of the USDA continues to project record soybean production and a very large corn crop.

CONAB has soybeans at 135.409 million tons, 131,000 less than the April update because of harvest delays trimming yields, but still up 8.5% from 2020 with a year to year improvement in yield and a higher planted area.

Brazil’s closely watched second corn crop, the source of most of their exports, is estimated at 79.779 million tons, 2.809 million less than last month because of hot, dry weather in central and southern growing areas, and while that number could fall further, the current guess is 6.3% larger than last year.

Total corn production for Brazil is expected to be 106.404 million tons, which would be a jump of 3.7% from a year ago. First crop production is seen at 24.677 million tons, up 164,000 from April, but down 3.9% from 2020, with the third crop at 1.937 million tons, up 92,000 on the month and 5.1% on the year.

Wheat production is projected at 6.64 million tons, 6.5% higher than a year ago.

Brazil’s soybean harvest is essentially over, while there’s only light rain in the forecast over the next week for most corn growing areas.

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