Market News & Headlines >> Brazil Raises Corn, Soybean Crop Estimates
Brazil’s agriculture ministry on Tuesday raised its official estimates of that country’s 2016/17 corn and soybean production due to stronger-than-expected yields, citing favorable growing weather.
CONAB, the agriculture ministry’s supply department, pegged 2016/17 soybean production at 103.80 million metric tons, up from its December forecast of 102.45 million tons and USDA’s December forecast of 102.0 million tons. The nationwide average soybean yield was pegged at 3.077 metric tons per hectare, up from a December estimate of 3.022 tons and last year’s final yield of 2.870 tons.
CONAB raised its forecast for Brazil’s first-crop corn production to 28.40 million metric tons, up from a December estimate of 27.74 million and last year’s crop of 25.85 million tons. The average first-crop corn yield was raised to 5.110 metric tons per hectare from a December estimate of 4.999 tons and last year’s 4.799-ton yield.
Brazil's total corn crop is now seen reaching 84.48 million metric tons, up from the December estimate of 83.82 million and last year's drought-shortened output of 66.57 million tons. However, total production will depend heavily on the second crop, which is expected to make up about two-thirds of total production and has not yet been planted.