Brasília – Brazil’s National Supply Company (Conab) revised up its 2017/2018 grain crop estimate to 226 million tons, up 0.2% from last month’s forecast. The new numbers made public this Thursday (8) came as a result of the ongoing soy harvest.
This year’s harvest is still seen falling short of 2017’s 237.7 million tons, an all-time high. If it proves true, the current projection will mean a 4;9% drop. “Still, the country should see the second biggest crop of all time,” Conab said. Soy will make up the bulk of output at 113 million tons, with maize amounting to 87.3 million tons.
The Brazilian Institute of Geography and Statistics (IBGE) also issued its crop forecast for this year. Conab works with crop seasons spanning parts of two years (in this case, 2017/2018), whereas the IBGE works with the ongoing year (2018). The IBGE sees cereals, pulses and oilseeds ending 2018 at 227.2 million tons, down 5.6% from 240.6 million tons in 2017. Its February forecast is up 0.5% to 227.2 million tons, from a 226.1 million-ton estimate in January.
*Translated by Gabriel Pomerancblum
