Conab lowers soy to 2.55 mt to 146.8 mt, corn lowered 0.9 mt to 112.7 in Brazil

In their March Crop Report, Conab lowered their estimate of the 2023/24 Brazil soybean crop by 2.55 million tons to 146.85 million. For corn, Conab lowered the 2023/24 Brazil corn estimate by 0.94 million tons to 112.75 million. Brazil’s soybean acreage is now estimated at 45.17 million hectares (111.5 million acres), which is up nearly 90,000 hectares from last month and up 2.5% from the 2022/23 growing season. The soybean yield is now estimated at 3,251 kg/ha (48.4 bu/ac), which is down 0.93 bu/ac from last month. Brazil’s 2023/24 soybean production of 146.85 million tons is down 5% from last year or 7.7 million tons. Brazil’s lower corn estimate was due mainly to a lower safrinha corn estimate. The safrinha corn acreage was lowered 129,000 hectares to 15.75 million (37.8 million acres). Due to low corn prices, Brazilian farmers opted to plant other crops such as grain sorghum, cotton, sunflowers, sesame, and cover crops instead of safrinha corn. The safrinha corn acreage is now ...