Brazil’s equivalent of the USDA has cut its soybean and corn production projections. CONAB cited hot, dry weather in central and western growing areas along with excessively wet conditions in the south for the reductions, which have impacted planted area and hampered development during the early part of the season.
Brazil’s soybean crop is seen at 160.177 million tons, down 1.4% from November due to planting delays, but still larger than what some were expecting and potentially up 3.6% from a year ago.
