CONAB, Brazil’s crop supply agency, raised their latest soybean production estimate to more than 135 million tonnes. Soybean and Corn Advisor President Michael Cordonnier says the increase comes from an acreage increase. “They increased acreage 200,000 hectares. It’s a big increase from one month to the next, but for what it’s worth, the big increase came from the acreage increase. We knew farmers would be interested in producing more soybeans and now, the soybean area is up four percent compared to last year.” Cordonnier thinks there is a lot of old information in the report so it is not reflecting the current quality problems. “As you know, there’s a lot of moisture and rain delaying the harvest in Brazil. It was only one-third harvested at the beginning of March. There’s a lot of concern about the poor quality.”
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