Crop experts in South America are projecting record corn and soybean production for Brazil.
CONAB, the Brazilian equivalent to the USDA, has soybean production estimated at 153.6 million tons, an increase from the March guess. The projected increase comes from a rise in acres and better yields.
The combined corn crop is projected at 124.88 million tons, down slightly from last month. That is largely due to the production increases in the first crop (nearly 9%) at 27.24 million tons and the second crop (an 11% increase) at 95.32 million tons.