By Kirk Maltais
Brazilian crop agency Conab has increased its outlook for the country's corn and soybean crops, although forecasts remain down from this time last year.
Conab said in a monthly report Tuesday that it now expects soybean production in Brazil to total 147.7 million metric tons, which is up from 146.5 million tons forecast last month. Corn production is seen at 111.6 million tons, up from 111.0 million tons.
For both soybeans and corn, this month's outlook remains below the outlook of this time last year - with Conab saying that the current view for soybean production is 4.5% below last year, and corn production is down 15.4%.
Improved rain patterns have been aiding in the development of crops, particularly for soybeans, says Conab. However, the agency notes that crop conditions are varied throughout the country.
"In the second grain harvest, conditions are not uniform," said Conab in its report, referencing corn. "In Mato Grosso, the majority of crops are in grain filling, with good development and good water reserves in the soil. However, in Mato Grosso do Sul, São Paulo, Minas Gerais and part of Paraná, the reduction in rainfall in April caused symptoms of water stress in several areas."
In pre-market trading Tuesday, most-active corn futures are down 0.1%, while soybeans are down 0.9%.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
05-14-24 0938ET
