Market News & Headlines >> Brazil Corn Crop Lowered Again
CONAB, the supply department of Brazil’s agriculture ministry cut its estimate of that country’s 2017-18 corn production by about 2.4% on Tuesday morning, while raising its soybean production estimate for the ninth straight month to another new record high.
CONAB pegged Brazil’s total corn crop at 82.92 million metric tons, down from its June estimate of 85.00 million tons and down 15.3% from last year’s 97.84 million tons. The agency lowered its second-crop corn production forecast by 3.8% to 56.01 million tons from the June forecast of 58.22 million and last year’s 67.38 million, cutting the estimated average yield by 4.1%.
The agency pegged Brazil’s 2017-18 soybean production at 118.88 million metric tons, up from a June forecast of 118.05 million tons and up 4.2% from last year’s 114.08-million-ton crop on an increase in the average yield, which is now pegged at a record high, 0.5% above last year.