CONAB increases Brazil’s second crop corn guess

Published Jun 14, 2024

Tridge summary

Brazil's agricultural agency CONAB has raised its second crop corn production estimate to 88.116 million tons, a 2.3% increase from May, though still 13.9% lower than 2023 due to reduced planted area. Combined corn production is projected at 114.144 million tons. Soybean production is slightly reduced to 147.354 million tons, down 0.2% from the previous month and 4.7% from last year. Despite these declines, Brazil is expected to remain competitive in the export market. Adjustments were also made for rice (down) and cotton (up), with winter wheat production expected at 9.065 million tons, slightly below May's estimate but potentially 12% higher than 2023. The next projection will be released on July 11th.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Brazil’s equivalent of the USDA has raised its second crop corn production guess.CONAB now has that second crop at 88.116 million tons, up 2.3% from May due to solid early yield numbers in the states that saw better development weather, with 7.5% of the crop harvested. That’s still 13.9% lower than 2023 because of lower planted area. Combined corn production is pegged at 114.144 million tons, with a first crop of 23.624 million tons and a third crop of 2.404 million tons. Combined and first crop production numbers are both up on the month and down on the year, while the third crop projection is above both the prior month and a year ago.CONAB trimmed its outlook for soybeans slightly to 147.354 million tons, down 0.2% on the month and 4.7% below last year because of declines in yield and planted area.Despite the year-to-year declines in corn and soybean production, Brazil’s expected to remain highly competitive on the export market, but that will also demand on ...
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