Brazil Raises Soybean Crop Forecast, Cuts Corn

Brazil is now expected to produce a record 153.5 MMT of soybeans this year, up 1.2 MMT from its prior forecast, according to Conab. The Brazilian crop estimating agency raised its soybean acreage forecast by 350,000 hectares. Amid the expected higher crop size, Conab raised its 2022-23 Brazilian soybean export forecast by 570,000 MT to 96.45 MMT.

Conab cut its Brazilian corn crop projection by 540,000 MT to 126.4 MMT. The agency maintained its 2022-23 corn export forecast at 45 MMT. Conab raised its Brazilian wheat crop forecast by 140,000 MT to a record 9.5 MMT.