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CONAB ups corn, soybean outlooks slightly

Brazil’s equivalent of the USDA has raised its’ outlook for that nation’s corn and soybean crops.

CONAB says 95% of Brazil’s soybean crop is harvested, putting production at 123.83 million tons, up 1.1% from April, but down 10.4% from 2021 due to drought late last year and early this year in some key growing areas.

Corn production is expected to be 116.1985 million tons, including 89.299 million tons of second crop corn, with planting on going, up 0.5% and 0.9% on the month and 33.4% and 47% on the year, respectively. That corn total is well below early estimates, with first crop production slightly smaller than last year and second crop production expected to be impacted by dry weather during planting and development in some areas and potential frost in others.

CONAB also raised its’ corn export estimate to 38 million tons, while leaving soybeans unchanged on the month at 77 million.