CONAB maintains estimate of 166 million tons for Brazilian soybeans

By Geraldo José G. Isoldi, Agricultural Markets Analyst for King Korn

The recent reports from the U.S. Department of Agriculture and CONAB (National Supply Company, the agricultural Brazilian official agency), released on Dec. 10 and 12, respectively, showed little to no significant changes in the projections for South American soybean and corn crops.

For soybeans, the USDA maintained its projection for the Brazilian crop at 169 million tons and for Paraguay at 11.2 million tons. Meanwhile, in Argentina, the good performance of the crops led the U.S. agency to adjust its estimate from 51 to 52 million tons, resulting in a total South American soybean crop of 232.2 million tons.

For corn, the USDA maintained its projection for the continent’s total crop at 178 million tons, with Brazil contributing 127 million tons and Argentina 51 million tons.

The Brazilian agency slightly adjusted its projection for soybean production, raising it from 166.14 million tons in the November report to 166.21 million tons in December.… Continue reading