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USDA FAS sees record Brazil soybean crop

The USDA’s Foreign Ag Service is projecting a record soybean crop for Brazil.

The office says many producers were able to get an early start to planting thanks to favorable conditions, anticipating an increase in acreage due to high domestic prices and strong export demand expectations, but the likely La Nina weather pattern would trim yields.

The FAS expects production to be 145 million tons, up 1 million from the USDA’s official guess and 8 million more than the 2020 total.

Exports are seen at a record 92 million tons, slightly less than the official estimate of 94.3 million tons, but well above the 2020/21 FAS figure of 85.3 million and the 2020/21 official total of 86.5 million.

Brazil is the leading producer and exporter of soybeans, ahead of the U.S.

The USDA’s next set of international production projections is out November 9th in the monthly supply and demand report, while CONAB’s second estimate of the season is out November 11th.

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