Brazil’s equivalent of the USDA has raised corn and soybean production projections.
CONAB raised those already record large estimates because of higher planted area despite rain delaying soybean harvest activity and leading to quality concerns and planting of part of the critical second corn crop being pushed past the optimal window by those soybean harvest delays.
That will lead to more export competition with the U.S. as Brazil is the world’s biggest seller of soybeans and plays an increasing role on the corn export market.
