CONAB makes modest changes to Brazil crop outlook

CONAB makes modest changes to Brazil crop outlook

Brazil’s equivalent of the USDA has lowered its grain production outlook, while still projecting record large crops. That modest reduction to 312.2 million tons was tied to a cut in the corn yield estimate due to dry conditions in some southern growing areas and a reduction in planted area for rice.

Overall, production is expected to be above a year ago, making more competition for the U.S. on the export market, but that will depend on good weather throughout the remainder of the growing season.

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