Market News & Headlines >> Brazil Lowers Soy Crop Forecast Slightly

CONAB, the Brazilian Agriculture Ministry’s supply agency, on Thursday lowered its forecast for Brazil’s 2016/17 soybean crop marginally, while raising its corn production forecast due to large 

CONAB projected 2016/17 soybean production will range from 101.6 to 103.5 million metric tons, down from its October forecast of 101.9 to 104.0 million tons. The new forecast would still represent an increase of 6.9% to 8.6% over last year’s drought-reduced crop, estimated by CONAB at 95.4 million tons. 

The agency pegged total 2016/17 corn production at 83.1 to 84.6 million tons, up from 82.3 to 83.8 million in October on an expected increase in first-crop output. Brazil’s 2016/2017 first corn crop was forecast at 27.1 to 28.6 million tons, up from 26.3 to 27.7 million in October. 

Total corn production as forecast by CONAB would be up 22.8% to 26.3% from last year’s drought-shortened crop of 67.0 million metric tons.