Jul 12, 2022

July Conab Report-Brazil Corn Up Slightly, Soybeans Down Slightly

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

In their July Crop Report released last Thursday, Conab made only minor adjustments to their crop estimates. For the 2021/22 Brazilian corn crop, they increased the estimate 0.4 million tons to 115.6 million tons. In 2020/2, Brazil produced 87.0 million tons of corn. For the 2021/22 Brazilian soybean crop, they lowered it 0.2 million tons to 124.0 million. In 2020/21, Brazil produced 138.1 million tons of soybeans.

The increase in the corn estimate came solely from a slightly improved safrinha corn crop which is now estimated at 88.4 million tons compared to 88.0 million last month. The safrinha corn yield is estimated at 5,376 kg/ha (85.5 bu/ac) compared to 5,348 kg/ha (85.0 bu/ac) last month.

Brazil's first corn crop is estimated at 24.8 million tons (21.4% of the total), the safrinha crop is estimated at 88.4 million tons (76.4% of the total), and the third corn crop is estimated at 2.4 million tons (2.0% of the total). Brazil's corn export estimate was increased 0.5 million tons compared to last month to 37.5 million tons. In 2020/21, Brazil exported 20.8 million tons of corn.

The National Association of Grain Exporters (Anec) is more optimistic and they are estimating that Brazil will export 43 million tons of corn in 2021/22 surpassing the prior record of 41 million set in 2018/19.

The 2021/22 Brazilian soybean estimate was lowered slightly to 124.0 million tons compared to 124.2 million last month. Brazil's 2021/22 soybean exports are estimated at 75.2 million tons compared to 86.1 million tons in 2020/21.