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Brazil projects big soybean, corn crops
The U.S. has more export competition from Brazil on the horizon.
CONAB, Brazil’s equivalent of the USDA, pegs soybeans at 113.8 million tons, 4.6% smaller than a year ago, but potentially their third largest on record, with a 1.8% increase in planted area helping to cancel out some of the weather issues during the growing season.
Corn production is estimated at 94 million tons, up 16.5%, with a 1.3% decrease in planted area for the first crop offset by a 6.1% increase for the second crop, the larger of the two and the source of most of their exports. Brazil’s second crop is estimated at 68.1 million tons.
The soybean harvest is ongoing and conditions generally look good for second crop corn development.
The USDA currently projects Brazil’s soybean crop at 117 million tons, with a total corn crop of 96 million tons. The USDA’s next estimates for Brazil are out May 10th.
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