CONAB soybean guess up slightly, corn down

CONAB soybean guess up slightly, corn down

Brazil’s equivalent of the USDA has raised its soybean production outlook slightly, while trimming its guess for corn.

CONAB now sees soybeans at a record 152.89 million tons, up 0.1% from January as favorable results in Brazil’s Midwest cancel out disappointing yields from dry southern growing areas.

Total corn production is pegged at 123.744 million tons, including a second crop of 94.967 million tons, both slightly lower than last month because of those persistent dry weather issues in southern Brazil.