The USDA has cut its guesses for soybean and corn production in Brazil.
Brazil’s soybean crop is now seen at 156 million tons, 1 million below January, and more than 6 million above the most recent projection from CONAB following a much more aggressive reduction, with the USDA also raising its export estimate to 100 million tons, contrary to CONAB, which lowered its outlook.
Brazil’s combined corn crop is pegged at 124 million tons, 3 million less month ago and still about 10 million tons more than CONAB, with both USDA and CONAB lowering Brazil’s corn export projection.
