Nov 11, 2020
Conab Increases Brazilian Soy Estimate 1.3 mt in Nov. Crop Report
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
In their November Crop Report, Conab increased their estimate of the 2020/21 Brazilian soybean production and they lowered their estimate of the 2020/21 Brazilian corn production.
The 2020/21 Brazilian soybean estimate was increased 1.3 mt from 133.6 million tons in October to 134.9 million tons in November. This would represent an increase of 8.1% compared to the 124.8 million tons produced last year.
The higher soybean production was the result of increased soybean acreage which increased 400,000 hectares (988,000 acres) from 37.8 million hectares in October (93.3 million acres) to 38.2 million hectares in November (94.3 million acres). The 2020/21 Brazilian soybean acreage increased 3.5% compared to last year. Record high domestic soybean prices encouraged farmers to increase their soybean acreage.
The projected 2020/21 soybean yield in November was unchanged from October at 3.528 kg/ha (52.5 bu/ac). This represents a 4.4% increase compared to last year's yield of 3,379 kg/ha (50.3 bu/ac).
Conab lowered the 2020/21 corn estimate 0.3 million tons to 104.8 million. This would represent a 2.3% increase compared to last year's production of 102.5 million tons. The full-season corn production is estimated at 26.4 million tons, the safrinha corn production is estimated at 76.7 million tons, and the third corn crop in northeastern Brazil is estimated at 1.6 million tons.
Conab lowered the full-season corn acreage 40,000 hectares (98,800 acres) compared to October, but they have not yet estimated the 2020/21 safrinha corn acreage. They carried forward last year's safrinha corn acreage and they will issue a new acreage estimate in their February Crop Report.