Brazil’s equivalent of the USDA has slashed its soybean production outlook due to drought conditions in southern growing areas.
CONAB now has Brazil’s bean crop at 125.471 million tons, a drop of 15.028 million tons from January and 12.682 million tons below 2021.
Brazil’s first corn crop is pegged at 24.434 million tons, modestly lower than both last month and last year, with second crop production at 86.053 million tons, a little bit less than a month ago, but up 25.288 million from a year ago.
