Brazil’s equivalent of the USDA continues to project a record soybean crop and a big corn crop. The latest estimate from CONAB has the crop at more than 124 million tons, up 8% from 2019, because of increased planted area and timely rainfall in some key growing areas. The combined corn crop is expected to top 100 million tons, fractionally more than a year ago, with higher planted area and good growing conditions. Brazil is the world’s biggest exporter of soybeans and has become a significant competitor on the corn export market and could be an even bigger player with their currency at an historic low against the U.S.
