Brazil’s equivalent of the USDA has raised its expectations for soybean production, while lowering the outlook for corn. That world record large soybean production projection is despite ongoing weather issues in some areas.
CONAB currently sees the soybean crop at 162.421 million tons, up 0.3% from October and 5.1% above a year ago, following an increase in planted area as Brazil pushes to maintain its hold on the global soybean market. New crop soybean exports by Brazil are estimated at 98.06 million tons, compared to the prior projection of 97.48 million tons.
