Conab lowers soybean yield estimates to 115.34m tons

Brazilian food supply and statistics agency, Conab, reduced Brazil’s soybean harvest estimate from a more optimistic forecast of 118.8m tons in January to 115.34m tons, a reduction of 2.91%. The December projection stood at a record 120.07m tons.

The new estimates are low due to worse than expected dry conditions in the southern soy belt of the country from November through January.

According to Conab, 15% of the planted area in Paraná State was profoundly affected by the drought. The State, nonetheless, expects to produce 17.28m tons of soybeans, down from 19.18m tons projected in January.

The following DataLiner graph shows Brazil’s soybean exports trend to China in the last ten years against the world: 

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