CONAB corn, soybean estimates hold above last year
Brazil's equivalent of the USDA continues to project a year-to-year increase in corn and soybean production.
CONAB's latest guess for Brazil's soybean crop is 166.014 million tons, 0.2% lower than in January, but still up 12.4% on the year thanks to increased acreage and better yields, despite weather issues in some areas.
Combined corn production is pegged at 122.017 million tons, 5.5% above a year ago, with an improved yield canceling out a decline in first crop planted area. First crop production is seen at 23.582 million tons, rising 2.7% from 2024, with the second crop at 96.048 million tons, 6.4% higher, and the third crop at 2.387 million tons, down 3.8%.
These are below the USDA's most recent projections, but more changes are likely over the next couple of months, with first corn and soybean harvests and second crop corn planting ongoing.
CONAB sees Brazil's new crop soybean exports at more than 105 million tons and corn exports at 34 million tons.
CONAB is also expecting year-over-year rises in cotton, rice, sorghum, canola, and wheat production.
The USDA's next supply and demand update is set for March 11 and CONAB's new estimates for Brazil are out March 13.