Conab raises Brazil’s corn crop and export numbers; soybean harvest rises

RIO DE JANEIRO, BRAZIL – Brazil’s total corn crop for the 2021/22 season was estimated on May 12 at a record 116.2 million tons, an increase of 600,000 tons compared to the previous forecast, with a rise in the area planted to the second crop, the National Supply Company (Conab) said in a report.

Compared to the last harvest (2020/21), hit by frosts and drought, production should jump 33.4%. Producers and analysts have reported that the harvest is going well in Paraná state, the second-largest state for corn, while in the Midwest, the crops have been suffering from drought.

With higher production, Conab raised its projection for corn exports from Brazil by 1 million tons in 2021/22, to 38 million tons, from 20.8 million tons in the last cycle.

Conab also raised its forecast for the country’s soybean crop in 2021/22 to 123.8 million tons, from 122.4 million tons in April’s estimate, easing the drop in the harvest to 10.4% compared to the 2020/21 cycle since the drought hit oilseed crops earlier this year.

Conab also maintained its forecast for Brazil’s soybean exports in 2022 at 77 million tons, versus 86.1 million tons last cycle.

With information from Reuters