Market News & Headlines >> Brazil's Corn, Soy Crop Estimates Rise Again
Brazil’s agriculture ministry on Thursday morning raised its official estimates of corn and soybean production further, due to stronger-than-expected yields following continued favorable crop weather during February and slightly larger acreage estimates.
CONAB, the agriculture ministry’s supply department pegged 2016/17 Brazilian soybean production at 107.61 million metric tons, up from a February estimate of 105.56 million metric tons. Production is now seen rising 12.8% from last year’s drought-reduced level of 95.43 million. CONAB’s new crop estimate is 3.61 million tons above USDA’s February forecast of Brazil’s crop.
CONAB also raised its estimate of Brazil's 2016-17 corn production moderately to 88.97 million tons from a February estimate of 87.41 million tons. The agency raised both its first-crop and second-crop production estimates. Corn production is now forecast to be up 33.8% from last year’s drought-devastated crop of 66.53 million tons. CONAB’s new crop estimate is 2.47 million tons above USDA’s February forecast.