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CONAB Brazil soybean, corn estimates get bigger

Brazil’s equivalent of the USDA has increased its already record large corn and soybean production projections.

The year-to-year rises are tied to better weather and improvements in yield and the bigger crops are having an impact on export demand for U.S. corn and beans.

CONAB says Brazil’s soybean harvest is nearly complete, estimating the crop at 155.737 million tons, up 0.6% from May and 24% above 2022.

Harvest is underway for Brazil’s second corn crop, with CONAB putting production at 96.31 million tons, 0.2% more than last month and 12.1% higher than a year ago.

Combined corn production is seen at 125.715 million tons, 11.1% larger than last year.

CONAB’s next set of estimates for Brazil is out July 13^th.