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CONAB soybean guess up slightly, corn down

Brazil’s equivalent of the USDA has raised its soybean production outlook slightly, while trimming its guess for corn.

CONAB now sees soybeans at a record 152.89 million tons, up 0.1% from January as favorable results in Brazil’s Midwest cancel out disappointing yields from dry southern growing areas.

Total corn production is pegged at 123.744 million tons, including a second crop of 94.967 million tons, both slightly lower than last month because of those persistent dry weather issues in southern Brazil.

CONAB soybean guess up slightly, corn down