International consultancy INTL FCStone released a new projection for the Brazilian grain and oilseeds crop. In the December edition, the consultancy increased the estimate of Brazilian soybean production to 107.6 million metric tons – down from 106.1 million metric tons a month before.
“Planting is about to be finished, but the yield estimates are better than expected with favorable conditions”, said analyst Ana Luiz Lodi.
For summer crop corn, the consultancy estimates a Brazilian production of 23.4 million metric tons because of a smaller planted surface. Corn yields are expected to be also lower. “The shrink will be very significant”, concludes Lodi.
For the second corn crop, an output of 63.5 million metric tons is projected, which would be a fall of 5.8% compared to last year. The window for planting is tight and there is greater climate risk.