Brazil’s equivalent of the USDA has trimmed its record large corn and soybean production estimates because of dry conditions in southern growing areas.
CONAB sees soybeans at 134.451 million tons, down 502,000 on the month, and has the first corn crop at 24.187 million tons, 2.302 million less than in November.
CONAB left its estimate for Brazil’s second corn crop unchanged at 76.763 million tons. That’s planted after soybeans are harvested and is the largest of their three crops and the source of most of their exports.
