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Brazil sees record soy, disappointing corn yields

Allexxandar/Getty Images Plus soybeans-1132602881.jpg
Corn and soybean go opposite ways in the 2020/2021 harvest.

The latest report from the National Supply Company of Brazil, CONAB, reveals a tale of two cities: a new record in soybean production, and a decrease in corn yields.

As we have mentioned in our last blog, the weather tampered with corn production in 2021. The first crop corn was hurt by rain delays. Even though the planted area increased by 3.3%, it was not enough to compensate for weather issues. The second crop corn (Safrinha) was hurt by drought in the main producing states and by frosts.

071621-parana-state.pngParaná state, one of the top producing states, had irreversible corn losses. Besides the frost that happened last week, still 75% of the farms are likely to suffer from freezing weather.

Corn loss range

CONAB estimates a 9% drop in national corn production compared to last year. This is based on their monthly report which came out June 15. But, it could be worse. A private Brazilian consulting company, Safras e Mercados, established in their research that after frosts from last week we could see a loss of 22.8% corn production compared to last year’s harvest.

Soy acres power production

On the other hand, the increase in soybean planted acreage actually helped overall production to achieve record numbers again: 9% more harvested bushels compared to last year. Producers overcame some weather issues and were able to harvest some 5 billion bushels.

 

TAGS: Corn Trade
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