Brazil’s National Supply Company (Conab) raised its soybean and corn production estimates this month due to improving yield prospects.
Conab forecasts the country’s 2024/25 soybean crop to reach a record 167.37 million metric tons (MMT), up from the previous estimate of 166 MMT and 13.3 percent higher than the previous season.
The agency cited higher yields as a reason for the increase. The forecast still fell short of the USDA’s forecast of 169 MMT.
Conab raised its corn production forecast to 122.76 MMT, up from 122 MMT seen in the previous forecast. The agency cited higher yields more than offsetting lower-than-expected acreage.
Brazilian farmers are expected to harvest the second-largest corn crop on record, with production forecast 6.1 percent higher than a year ago.
Below-average precipitation is expected for Mato Grosso, Mato Grosso do Sul, and Goiás over the next 10 days.
Conab raised its cotton production forecast to 17.54 million bales, up from the previous estimate of 17.27 million. That compared to the USDA’s estimate of 17 million bales.