Brazil’s farmers produced record crops this season, with soybean harvest reaching 171.47 million metric tons and corn production at 139.67 million metric tons, according to the final report from crop agency Conab. Both totals came in higher than last month’s forecast. Conab also raised its soybean export outlook to 106.65 million metric tons, with most shipments headed to China. Analysts note that Brazil continues to see strong sales as U.S.-China trade talks remain stalled during the heart of the U.S. soybean marketing season.
