Conab raised its Brazilian soybean crop estimate by 177,000 MT from last month to a record 152.9 MMT. The soybean export forecast for 2022-23 remained at 93.9 MMT. The Brazilian government’s crop estimating agency cut its corn production forecast by 1.319 MMT to 123.7 MMT, citing delays to safrinha corn planting. This was Conab’s first assessment of safrinha production. Despite the lower production estimate, Conab raised its 2022-23 corn export forecast by 2 MMT to 47 MMT.
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