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Home >> Market >> News >> News Details

Commodity Futures - Pre-session commentary
12-Jul-2018     08:46

CONAB Reduces Brazilian Corn Crop By 2 Million Tonnes For July

Conab released their July Crop Report yesterday (July 10th) and in that report, they reduced their estimate of the 2017/18 Brazilian corn crop by 2.0 million tons from their last estimate to 82.9 million tons. The 2017/18 Brazilian corn crop is now estimated at 14.9 million tons less than the 97.8 million tons produced in 2016/17. The main reason for the decline was a lower estimate for the safrinha corn crop.Conab is now estimating the 2017/18 safrinha corn crop at 56.0 million tons, which is down 2.2 million tons from last month and 11.3 million tons lower than last year. A prolonged period of more than 40 days dry weather during April and early May in Parana and Mato Grosso do Sul had a negative impact on the crop.The safrinha corn crop in Parana, which is the second largest producing state, is now estimated at 9.1 million tons, which is down 30% from last year's crop. The safrinha corn crop in Parana is less than 5% harvested, which is slower than the average harvest pace. In Mato Grosso the Sul, the safrinha corn crop is now estimated at 6.8 million tons, which is down 28% from last year.

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