Conab Lowers Soybean Crop and Export Forecast for Brazil

Posted on 03/12/2019 11:43 AM

Brazilian farmers may harvest 92.807 MMT of corn this year, up from 91.652 MMT projected in February and well above the 80.709 MMT produced last season, Brazilian government agency Conab said this morning.

It expects the country’s first corn crop to come in at 26.210 MMT, down slightly from February and year-ago. But Conab raised its safrinha corn crop estimate from 65.198 MMT in February to 66.596 MMT. That would be a dramatic 12.698 MMT gain from the previous season’s drought-hit crop.

The agency said corn exports will reach 31 MMT this year, unchanged from its February forecast and up from 24.767 MMT shipped last year.

On the other hand, Conab lowered its soybean crop estimate by 1.884 MMT from February to 113.459 MMT. That would be a 4.9% decline from last year’s record-setting crop. The agency expects Brazil to export 70 MMT of soybeans, a 1.5 MMT drop from its February forecast and a notable decline from exports of 83.605 MMT in 2017-18.

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