Brazil’s equivalent of the USDA has raised its corn production projection again.

CONAB now estimates total production at a record 129.962 million tons, 1.7% above in July, with the second crop at 100.184 million tons. CONAB says second crop yields have been better than expected with harvest more than 60% complete and a large part of that crop is bound for the export market. Brazil has taken a big chunk of the global corn market away from the U.S.

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