Brazil produces record soybeans, corn crops
Brazil’s equivalent of the USDA says that nation produced record corn and soybean crops this year.
CONAB says the soybean harvest was 120.9 million tons, 5.1% larger than in 2019, and pegs combined first and second corn production at 102.1 million tons, with harvest 98.5% complete.
Cotton and rice production were also above a year ago at 2.93 million and 11.2 million tons, respectively.
Planted area for wheat is expected to be up 14.1% on the year with production estimates at 6.8 million tons.
Brazil is a major export competitor and their currency is near historic lows against the U.S. dollar, further aiding that competitiveness.
The USDA will be updating their global supply, demand, and production projections Wednesday.