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USDA FAS sees big Brazil soybean crop

The USDA’s Foreign Ag Service is projecting record soybean production in Brazil.

The FAS sees the crop at 153 million tons, 1 million above the most recent official guess and 26.4 million larger than a year ago.

That’s on an increase in planted area and comparatively better weather, but the FAS says southern Brazil will need rain this month to meet its production potential.

Even if the crop does fall short of expectations, it still likely means more export competition for the U.S. with Brazil’s soybean exports this marketing year seen at a record 97 million tons.

Updated production estimates from Brazil’s government and the USDA’s Office of the Chief Economist are out Thursday.