Market News & Headlines >> Brazil Raises Corn Crop Estimate

CONAB, the supply department of Brazil’s agriculture ministry on Tuesday left its estimate of Brazil’s 2016-17 soybean production unchanged from June, while raising expected corn production by 2.3% due to mostly to stronger-than-expected second crop yields. 

CONAB pegged Brazil’s total corn production at 96.03 million metric tons, up from its June estimate of 93.84 million, but still below USDA’s June estimate of 97.0 million tons. 

The CONAB corn production estimate was also toward the low end of U.S. trade expectations, which averaged 97.6 million tons in a range from 95.5-100.0 million according a survey of 19 analysts taken by Bloomberg News ahead of Wednesday’s USDA supply/demand report. 

CONAB left Brazilian soybean production at 113.92 million metric tons, which is closely in line with USDA’s June forecast of 114.0 million. U.S. trade estimates averaged 113.6 million tons in a range from 107.0-114.5 million.