USDA number for Brazil’s soy crop slightly higher than Conab’s forecast
The Brazilian National Supply Company (Conab) has issued yesterday (04.11) a new estimate for the Brazilian soybean production. The agency has put a forecast of 110.6 million tons of volume – up from 107.6 million metric tons a month ago. The United States Department of Agriculture has corroborated with that number in today’s report pegging the output projection at 111 million metric tons.
In the case of corn, the Conab estimate was incrased from 88.9 million metric tons to 91.46 million metric tons with 61.6 million metric tons being harvested in the second corn crop, which is 61 percent higher than 2016 – a year of drought in this period. By comparison, the USDA pegged the Brazilian corn production at 93.5 million metric tons.