In its final assessment of the 2021-22 crop, Conab raised its official Brazilian soybean crop estimate by 1.5 MMT to 125.6 MMT, though that was still 9.9% shy of the previous year’s record. Conab increased its 2021-22 soybean export forecast by nearly 2 MMT to 77.2 MMT, though that would be down sharply from record shipments of 86 MMT the previous year.
The agency cut its Brazilian corn crop estimate by 1.4 MMT from last month to 113.3 MMT. Its 2021-22 corn export forecast was lowered 500,000 MT to 37 MMT, though that would be up significantly from shipments of 20.8 MMT in 2020-21.
