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AgRural Raises Brazil’s 2025/26 Soybean and Corn Forecasts

AgRural’s January 26, 2026 update raised Brazil’s 2025/26 soybean estimate to 181 million metric tons and total corn estimate to 136.6 million. Later Conab figures are separate estimates with a different corn scope.
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On January 26, 2026, AgRural raised its forecast for Brazil’s 2025/26 soybean crop to 181 million metric tons, from 180.4 million, and its estimate for total corn output to 136.6 million metric tons, from 136 million. The figures describe AgRural’s January outlook—not an October forecast.

What AgRural revised in January

Crop AgRural estimate on January 26, 2026 Previous estimate Change
Soybeans 181 million metric tons 180.4 million metric tons Up 0.6 million metric tons
Total corn 136.6 million metric tons 136 million metric tons Up 0.6 million metric tons

Reuters reported that AgRural said, “Expectations for a bumper crop remain across the country.” The revisions raised both forecasts by 0.6 million metric tons; they do not mean the two crops had the same previous or final output.

What the January crop-progress figures showed

AgRural’s accompanying progress snapshot was also from late January. As of the Thursday before January 26, Brazil had harvested 4.9% of its soybean crop, compared with 2% a week earlier and 3.9% at the same point a year before.

In the center-south, second-crop corn planting had reached 4.7% of estimated area, while first-crop corn harvest was 5% complete. A year earlier, the corresponding figures were 2.2% planted and 8.6% harvested. These are crop-progress measures, not production estimates, and they should not be read as October conditions.

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Why Rio Grande do Sul was a weather watchpoint

AgRural flagged hot, dry conditions in Rio Grande do Sul and said the situation “needs to be monitored closely,” as Reuters reported. That was a weather qualification attached to the January outlook; it does not establish the state’s conditions later in the season.

How the September Conab estimates compare

Conab’s September 15, 2026, 12th survey offers later context, but it is a separate publisher’s estimate—not a revision to AgRural’s January figures.

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Measure AgRural, January 26, 2026 Conab, September 15, 2026
Soybean production 181 million metric tons 180.4 million metric tons
Corn production 136.6 million metric tons total 144 million metric tons across three crops
Total grain production Not stated in Reuters’ report of AgRural’s January update 361.7 million metric tons

Conab’s corn figure explicitly covers three crops, so it is not directly interchangeable with AgRural’s total corn estimate. Conab described its soybean estimate as a record in its series, 5.2% above the prior cycle; it attributed the increase to area up 2.7% and productivity up 2.5%. Its total grain estimate was 0.3% above its August estimate, with second-crop corn yields exceeding expectations.

For the January AgRural revisions and progress figures, see Reuters’ January 26, 2026 report. Conab’s later figures are reported in its grain survey material.

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