Brazil’s equivalent of the USDA has lowered its outlooks for soybean and corn production.

CONAB now has soybeans at 149.404 million tons, a decrease of nearly 3.8% from January and well below initial expectations because of planting delays and dry weather in some growing areas during key phases of development.

Brazil’s second corn crop, planted after soybeans in some areas, is pegged at 88.099 million tons, a decline of 3.4% on the month and 13.9% on the year due to the issues with soybean planting earlier in the season.

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