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CONAB sees big jump in Brazil corn, soybean crops

Brazil’s equivalent of the USDA is projecting record grain production in 2023.

CONAB says combined production could be as large as 312.365 million tons if weather cooperates and there are no significant shifts in planted area, which is expected to be up on the year. That would be 41.496 million tons larger than the recently ended production cycle and lead to more U.S. export competition, especially over China, which is the world’s biggest buyer of soybeans and has a corn trade agreement with Brazil that starts before the end of 2022.

CONAB sees new crop soybean production at 152.352 million tons, 21.3% above 2022, with a total corn crop of 126.942 million tons, up 12.5%, including 96.277 million tons of second crop corn, 12.4% higher. First crop corn in Brazil is pegged at 28.692 million tons, an increase of 14.6%, with the third crop projected at 1.973 million tons, down 8.5%.

Soybean and first crop corn planting is just getting underway in most major Brazilian growing areas.

The USDA’s next set of global production estimates is out Wednesday, October 12^th, at Noon Eastern/11 Central.