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Brazil cuts 2021-22 grain and oilseed outlook

Brazil soybean crop, the expected area is 40.4mn ha, up slightly from the 40.35 cited last month, and up by 3.7pc from the previous season. Conab now estimates soybean production at 140.5mn t, up by 2.4pc from a year earlier.

This is down by 1.6pc from the outlook in December, when the agency projected 142.8mn t. Conab expects corn production — first, second and third crops — of 112.9mn t, up by 29.7pc on 2020-21, but down by 3.7pc from the previous outlook.

The estimated area for total corn is still 20.9mn ha, up by 5.1pc from the previous season. For the first corn crop, production is expected to hit 24.8mn t, down by 14.7pc from December’s estimate, but 0.3pc higher than the 2020-21 crop.

Second crop production is forecast at 86.3mn t, unchanged from December’s estimate and up by 42pc from last season.Expected production of cotton lint is 2.7mn t, up by 3.6pc on the previous estimate and by 14.8pc on the year.For wheat, the harvest of which has already been completed, expected production is 7.7mn t, down by 1.7pc on the previous estimate and 23.2pc higher than the 2020 season.

November’s heavy rainfall — exceeding the average in several areas, mainly in the southeast, west-central and Matopiba regions — underpins a more optimistic outlook for the current season, according to Conab.But Conab noted that unfavorable weather, especially in southern regions, has contributed to a reduction in grain and oilseed yields. The first corn crop is likely to be the most damaged.

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