CONAB increases Brazil soybean crop guess

CONAB increases Brazil soybean crop guess

Brazil’s equivalent of the USDA has raised its soybean production outlook.

CONAB now has Brazil’s soybean crop at 153.538 million tons, up 1.186 million on the month, with planting just over the halfway mark.

Total corn production is seen at 126.397 million tons, 0.4% less than last month on a 1.9% reduction for the first crop, which is currently being planted, now pegged at 28.153 million tons.

Brazil’s critical second crop, the largest of the three crops and the source of most of their exports, is projected at 96.271 million tons, down modestly from the previous guess.