Reuters’ Karen Braun reported Wednesday that “benchmark industry estimates of top exporter Brazil’s soybean crop have deviated even further from each other this month following a season blemished by questionable weather. That same controversy may be brewing for the country’s corn crop, especially with unfavorable conditions potentially on tap for Brazil’s top production state.”
Despite making cuts to its Brazil soybean production estimate and holding its corn production estimate steady in the March World Agricultural Supply and Demand Estimates (WASDE) Report, USDA estimates of crop production in Brazil remain well above Conab estimates released Monday.
The WASDE reported pegged Brazil soybean production at 155 million metric tons, a little more than 8 million metric tons higher than Conab’s estimate of 146.858 MMT. The WADSE report pegged Brazil corn production at 124 MMT, a little more than 11 MMT above Conab’s estimate of 112.753 MMT.
USDA Estimates “The USDA pegged Brazil’s harvest at 155 million metric tons, compared to its February estimate of 156 million and analysts’ expectations for 152.28 million,” Polansek reported. “The agency said harvest results in the state of Parana and poor weather conditions in São Paulo were offset by favorable conditions in other areas.”
Another reason for the cut in the soybean production estimate, according to the USDA’s March World Agricultural Production report, is continued expectations of lower yield.
“Yield is estimated below the 10-year trend at 3.38 tons per hectare (t/ha), down 1 percent from last month’s yield, and down 7 percent from last year’s record yield,” the report said. “Current harvest results led to the lower production this month.”
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Categories: Illinois, Crops, Corn, Harvesting, Weather