Brazil’s Agriculture Statics Agency (CONAB) in its March assessment has lowered Brazil’s 2022/23 soybean crop estimate to 151.41 MMT from its previous estimate of 152.88 MMT, down by 1.47 MMT. CONAB estimated the soybean yield at 3,479 kg/ha (51.8 bu/ac), which is down 0.7 bu/ac compared to February. Conab cited losses in Rio Grande do Sul that were not completely compensated for by gains in Sao Paulo, Goias, and Mato Grosso do Sul.
Despite downward correction in Argentina and Brazil’s soybean crop production estimates, CBOT soy oil and soybean contract traded down on weak technical. However, prices are likely to be firm for short term.