Brazil raises 2016-17 corn crop estimate to 96.03 million


Brazil is bound to reap a record total corn crop of 96.03 million mt in the current 2016-17 cycle, up from 93.84 million mt in June report, national crop agency Conab data showed Tuesday.

Conab raised second corn crop estimate to 65.63 million mt, up from 63.52 million mt previously, citing favorable weather.

For the first or summer corn crop, the calculation was adjusted to 30.4 million mt, up from 30.31 million mt in June.

In 2015-16 crop year, Brazil produced a total of 66.53 million mt, being 25.76 million mt in the first crop and 40.77 million mt in the second crop, which has plagued by droughts in many important regions.

Second crop corn harvest was estimated at 23%, as of last Friday, according to consulting firm AgRural.

"There are only a few reports of damaged corn in Mato Grosso state, related to heavy rains in May, but that is not affecting high yields, in general," said Conab in its Tuesday report, referring to Brazil's largest grain-producing state.

Conab also said yields should recover in Parana state, compared with last year, given much better weather conditions in the current season.

Corn exports were projected at 28 million mt in the marketing year from February 2017 to January 2018, Conab said. In June, the agency forecast exports at 26 million mt. If confirmed, the volume will be similar to the record of 30.17 million mt shipped in 2015-16 marketing year.

Brazil's soybean 2016-17 crop, which was totally harvested, was pegged at a record 113.93 million mt, slightly up from 113.92 million mt in the the previous report and 19.4% higher than 2015-16.

Conab kept soybean exports estimate for the current marketing year at a record 63 million mt.

Brazil is a major competitor for US corn and soybean exports.


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