Brazil’s CONAB forecasts significant increases in soybean (167.37 million tons) and corn (122.76 million tons) crops for 2024. These projections, driven by high yields and acreage, anticipate increased export competition for the U.S. Concerns are noted over the second crop corn area reduction, but overall agricultural performance appears strong for Brazil, with more updates set for April 10th.
Brazil’s national agricultural agency, CONAB, has released its forecasts for soybean and corn crops, showing notable increases. The soybean crop is now projected at 167.37 million tons, reflecting a 13% increase from the previous year, bolstered by higher yield and acreage. Meanwhile, total corn production is estimated at 122.76 million tons, which is a 6% increase year-over-year. The first corn crop will see a month-to-month yield increase to 24.857 million tons, compensating for a decrease in second crop production due to reduced planted area, now down to 95.516 million tons. Additionally, third crop production is estimated at 2.387 million tons.
These projections, while slightly lower than the USDA’s estimates, indicate strong competition for U.S. exports in the near future. Brazil’s soybean harvest has surpassed 60%, with more than 80% of the second crop corn already planted, both ahead of typical timelines. CONAB also anticipates that 2024 production for cotton, rice, and sorghum will exceed earlier expectations. Updated estimates from both CONAB and USDA are set to be published on April 10th.
CONAB’s latest forecasts indicate a significant increase in Brazil’s soybean and corn production, with soybeans projected at 167.37 million tons and corn at 122.76 million tons. Despite being slightly lower than USDA estimates, these figures suggest heightened competition for U.S. exports. The timely progress of Brazil’s crop planting and harvest leads to optimism about production levels for other crops as well, underscoring Brazil’s role in global agricultural markets.
Original Source: www.brownfieldagnews.com
