Brazil’s equivalent of the USDA has lowered its soybean and corn production outlooks.
CONAB says the month-to-month cuts were because of weather, with planting delays and development issues due to hot, dry conditions in central growing areas and excessive moisture in the south. Numbers could fall further as the soybean harvest advances and second crop corn planting gets underway.
Brazil’s new soybean crop is seen at 155.269 million tons, a decline of 3% from December, but still 0.4% larger than 2023.
