Commodities Buzz: CONAB Raises Brazilian Soyabean Crop Estimates

In its latest monthly report, Conab increased its 2017/18 Brazilian soybean crop estimate and lowered the 2017/18 corn estimate.

The Brazilian soybean estimate was increased 1.0 million tons to 118.0 million, which is a new record high production. Last year, Brazil produced 114.0 million tons of soybeans. The soybean acreage was increased 40,000 hectares to 35.1 million hectares (86.6 million acres) and the soybean yield was increased 26 kg/ha to 3,359 kg/ha (47.0 bu/ac). Meanwhile, the 2017/18 Brazilian corn estimate was lowered 4.2 million tons to 85.0 million. The full-season corn production was increased 0.5 million tons to 26.7 million while the safrinha corn production was lowered 4.7 million tons to 58.2 million.