Brazil’s equivalent of the USDA has lowered its grain production outlook, while still projecting record large crops. That modest reduction to 312.2 million tons was tied to a cut in the corn yield estimate due to dry conditions in some southern growing areas and a reduction in planted area for rice.
Overall, production is expected to be above a year ago, making more competition for the U.S. on the export market, but that will depend on good weather throughout the remainder of the growing season.
