Conab lowers corn and soybeans production estimates

Overnight- Corn and wheat were a little lower while soybeans finished higher.

Conab continued to trend lower on its estimates for Brazil’s production.

Soybeans were lowered to 146.86 MMT down 2.55 MMT.

Corn was lowered to 112.8 down 2.6 MMT.

USDA is at 155 MMT for soybeans and 124 MMT for corn.

This big disparity has the market questioning what the baseline potential was for Brazil’s soybean crop.

Brazil soybean harvest is 55% done so we would think that number will get dialed in better.

Bottomline

Conab is much lower on its estimates than the USDA and where do we land? Regardless of where they land long term these numbers should be supportive short term. Brazil is dealing with hot and dry weather for ten days as well. NFC Grain Comments Options -new (18)