CONAB says Brazil’s farmers will produce a record 152.9 million metric tons of soybeans this season. The Brazilian crop supply agency kept the soybean export forecast steady at 93.9 million tonnes. The second crop corn forecast was reduced slightly due to late planting following the slow soybean harvest pace. CONAB expects second crop corn production at 94.9 million tonnes, down from the January estimate of 96 million tonnes. Brazilian ag consultant Kory Melby was not surprised with the CONAB numbers. The concern is with the lateness of getting the second crop corn planted. “As of last Friday (February 3), about 16 percent of second crop corn was planted which is way behind average.”
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