Dry weather in Brazil isn’t leading to decreased soybean production estimates, yet.
Brazil’s equivalent of the USDA CONAB is projecting new crop soybean production at a record 133.7 million tons on expectations for increased planted area as that nation tries to meet soybean export demand from China while still fulfilling domestic needs for livestock feed and vegetable oils.
Parts of Brazil are expected to receive rainfall starting late this week or early next week, which should speed up planting, but there’s been enough of a delay that China could have to rely on the U.S.
