CONAB is forecasting Brazilian soybean production at 162.4 million metric tons, up more than five percent from last year. “They increased the area 110,000 hectares from last month,” explained Soybean and Corn Advisor President Michael Cordonnier Brazil is faced with localized flooding in the southern part of the country and dry conditions in the north. Argentina’s weather is improving but corn acreage is down. “They planted 10-to-12 percent less than what we thought they would; I think they’ll switch some of those acres over to soybeans.”
