USDA FAS reduces Brazil soybean estimate
The USDA’s Foreign Ag Service has lowered its outlook for Brazil’s soybean crop due to drought in southern growing areas.
The FAS sees the crop at 134.5 million tons, which will likely fall further as harvest advances. That’s a half a million more than the USDA’s most recent official guess and 9.029 million above the last estimate from Brazil’s CONAB.
Exports are expected to be 86.8 million tons, below the other major projections and about 3 million under the record large sales last marketing year, with the U.S. expected to pick up most of that shortfall.
The USDA’s next set of global production estimates is out March 9th, with CONAB’s updated outlook for Brazil scheduled for March 10th.