CONAB, Brazil’s government supply agency, raised its soybean production forecast to a record 123.2 million metric tons. That’s up one million metric tons from the January estimate and nearly 10 million metric tons larger than last year’s crop. The estimate is also slightly below most trade analyst estimates, who were expecting numbers in the 124 to 128 million metric ton range. CONAB raised Brazil’s corn production slightly to 100.5 million metric tons, up from 100 million metric tons one year ago.
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