The Brazilian government’s supply agency, Conab, released its initial estimates for 2012-2013. If they materialize, Brazil will pass the United States as the top soybean producer for the first time.
Brazilian soybean acreage is pegged at 67.5 million acres, up from 61.75 million last year, and production is expected to rise 25% from last year’s level to 3.024 billion bushels. This compares with USDA’s 2012 U.S. production estimate of 2.634 billion.
Corn production also is slated to rise in Brazil, according to Conab, which puts it at 2.88 billion bushels, up from 72.6 last year. Acreage is dropping from 37.5 million last year to 36.8 million but yields are expected to improve over last season’s.
The wheat and cotton crops are expected to drop as well, with wheat down 12% at 5 mmt (183.7 million bushels) versus 5.7 mmt (209.4 mil. bu.) last year and cotton at 1.6 mmt (7.35 million bales), down from 1.9 mmt (8.73 million bales) last year.