CONAB Forecasts Record Soybean Output for 2026

Brazil’s crop agency, CONAB, estimates the 2025-26 corn crop at 138.6 million metric tons, slightly below its previous estimate but above USDA’s 131-million-ton forecast. The agency also projects a 16 percent jump in corn exports from last year, which could create additional competition for U.S. exports. CONAB expects Brazil to harvest another record soybean crop in 2026 at 177.6 million metric tons, up from 171.5 million in 2025. Soybean exports are also forecast to rise to 112 million metric tons next year as Brazil benefits from high production and reduced U.S. competition in the Chinese market.