Brazil Cuts 2017-2018 Corn Forecast, Raises Soybean Estimate Slightly
SAO PAULO (Dow Jones) — Brazilian agriculture agency Conab cut its forecast for the corn harvest in the 2017-2018 season due to less-than-normal rain in some areas and raised its estimate for the soybean harvest slightly.
Conab forecast a total corn crop of 82.2 million metric tons in the 2017-2018 season, down from the 82.9 million tons the agency forecast in July. Brazil’s corn harvest in the 2016-2017 season was 97.8 million tons.
The lack of rain in some corn-producing areas corresponded with a period in which precipitation is vital to the plants’ development, Conab said.
Brazilian farmers produced a record 119 million metric tons of soybeans in the season, Conab said, up from its estimate of 118.9 million tons in July.
Brazil produced 114.1 million tons of soybeans in the 2016-2017 season, the previous record.