Brazil’s equivalent of the USDA has raised its already record large corn and soybean production estimates.
CONAB now sees Brazil’s soybean crop at 154.811 million tons, 0.8% more than in April and up 23.3% from last year following an increase in planted area and better yields. The soybean harvest is nearly over with exports projected at a record 95 million tons, with Brazil holding most of the global market share due to a big price advantage.