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CONAB reduces Brazil soybean estimate

Brazil’s equivalent of the USDA has lowered its outlook for this year’s soybean crop. CONAB projects production at 115.3 million tons, down 3.3% on the year, with hot, dry weather in some key growing areas expected to cancel out a 1.9% increase in planted area.

CONAB’s latest guess is above private Brazilian firm AgRural’s estimate of 112.5 million tons, but less than the USDA’s most recent estimate of 117 million. CONAB also lowered its harvested area outlook for Brazil’s first corn by 1.2% with a crop of 26.4 million tons, but expects combined first and second crop production to be up 13.6% on the year at 91.6 million tons.

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