Conab increased Brazil's corn 2.51 mt, lowered soybeans 0.37 mt

In their June crop report, Conab lowered the 2023/24 Brazil soybean estimate by 0.37 million tons to 147.35 million. For the 2023/24 Brazil corn, Conab increased the estimate by 2.51 million tons to 114.14 million.

Brazil's 2023/24 soybean estimate is now 4.7% below the 154.60 million tons produced in 2022/23, or down 7.3 million tons. The 2023/24 soybean acreage is estimated at 45.97 million hectares (113.5 million acres), which is up 4.3% compared to 2022/23. The soybean yield is estimated at 3,205 kg/ha (47.7 bu/ac), which is down 0.36 bu/ac from May.

Brazil's 2023/24 corn crop is now estimated at 114.14 million tons, which is up 2.51 million tons compared to May. Even with the monthly increase, the corn estimate is down 17.75 million tons or 13.5% compared to the 131.89 million tons produced in 2023/24.

The biggest increase in corn production this month came from the safrinha crop which is now estimated at 88.11 million tons or up 1.96 million from May. The safrinha corn acreage increased 162,000 hectares (400,140 acres) from May to 16.15 million hectares (39.8 million acres), but it is still 6.0% below last year's acreage. The safrinha corn yield is estimated at 5,455 kg/ha (86.7 bu/ac), which is up 1.1 bushels from May.

Brazil's first corn crop is estimated at 23.62 million tons, which is up 0.13 million tons from May. Brazil's third corn crop is estimated at 2.40 million tons, which is up 0.41 million tons from May.

The safrinha crop now represents 77.1% of Brazil's total corn production with the first crop representing 20.6% and the third crop representing 2.1%