The USDA is forecasting higher corn production and lower soybean production for Argentina in the next year. USDA is also estimating record soybean production for Brazil in the new crop year at 144 million tons. For perspective, Advance Trading Commodity Research Analyst Brian Basting says the U.S. produced 120 million tons of soybeans this year. “If this crop is realized in Brazil, the country would be the largest soybean producer in the world. Brazil has a very good start compared to last year, when it was quite dry. This year, there’s been more moisture. The crop got planted earlier and may be harvested earlier in 2022.” The U.S. is aggressively shipping soybeans, but the export window to China could close earlier than usual. “It could reach the world’s pipeline earlier.”
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