Brazil’s government crop supply agency CONAB lowered its soybean production estimate by two million tonnes from its March estimate. CONAB now expects Brazil’s farmers to harvest a record 122 million metric tons of soybeans, down from 124 million metric tons in April. This is due to ongoing dryness in the southern part of the country. CONAB raised its corn production estimate to just under 102 million tonnes. That is up nearly two million tonnes from last year’s record 100.4 million tonne crop.
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