The USDA’s Foreign Ag Service is lowering their outlook for Brazil’s corn crop, citing hot, dry conditions in some key growing areas.
The FAS sees Brazil’s three crops at a combined 113 million tons, 4 million less than their last guess and 2 million under the official USDA estimate.
Exports are now expected to be 42 million tons, compared to the USDA’s January projection of 43 million tons.
Imports by Brazil are expected to be above a year ago, but most of that is expected to be sourced from inside the Mercosur trading bloc, not the U.S.
