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USDA FAS lowers Brazil corn guess
The USDA’s Foreign Ag Service is projecting a year-to-year decline for corn production in Brazil.
The combined crop is seen at 130 million tons, down 5.5 million from last year with tighter margins cutting into planted area and the possibility for further reductions due to weather issues. First crop planting is ongoing, with second crop planting getting underway after the soybean harvest.
Brazil’s corn exports are expected to fall 2 million tons to 54 million because of that smaller crop. Brazil was the world’s leading corn exporter last marketing year, accounting for about a third of global trade.
The FAS also lowered its outlook for Brazil’s wheat crop to 10.2 million tons, citing weather.
The USDA and CONAB will release updated production estimates Thursday, November 9th.
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