CONAB cuts Brazil soybean estimate further

Brazil’s equivalent of the USDA has lowered its outlook for soybean production because of continued hot, dry weather in some key growing areas.

CONAB projects Brazil’s bean crop at 122.77 million tons, down 2.702 million from February and 15.383 million less than last year’s total.

The estimate for the first corn crop was cut by 102,600 tons to 24.332 million, but the outlook for the critical second crop was increased by 101,000 tons to 86.154 million tons.

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