INTL FCStone lowered its Brazilian soybean production estimate from last month. INTL FCStone market analyst Phillip Claussen says dry weather is taking a toll on the soybean crop. “There’s pretty good heat and some lack of moisture in parts of central Brazil. It’s taken the top end off of the crop. Last month, the USDA was estimating 122 million metric tons for Brazil’s production. Our (FCStone) newest estimate is 116.3 million metric tons.” Claussen is not expecting the lower production forecasts for Brazil’s soybean crop to impact the trade discussions between China and the United States.
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