Conab experts lowered the forecast for the soybean crop in Brazil and raised the forecast for corn

In the March report, Conab analysts lowered the forecast for soybean production in Brazil in 2022/23 MY by 1.5 million tons compared to the estimate a month earlier - to 151.4 million tons, which is planned to be harvested from 43.5 million hectares (the previous season - from 41.5 million hectares harvested 125.5 million tons). The export forecast is lowered by 0.9 million tons per month to 93 million tons, which is still a record figure. Domestic oil consumption is expected to be 56.6 million tons, ending stocks - 5.5 million tons. In addition, given the improvement in expected yields, the overall forecast for corn production in Brazil in 2022/23 MY was increased by 0.9 million tons per month, to 124.7 million tons, which is expected to be harvested from 22 million hectares (in the previous season from 21 .6 million hectares harvested 113.1 million tons). In particular, the forecast for the production of grain of the first harvest was increased by 300 thousand tons, up to 26.8 ...