Brazil’s equivalent of the USDA is maintaining a record grain and oilseed production projection. CONAB says combined production is expected to total 271.235 million tons, a decrease of 212,800 on the month, but an increase of 14.496 million on year as increased planted area helped cancel out weather issues at times during the growing season. Export competition between the U.S. and Brazil is largely seasonal, but this could still cut into the U.S. market share to some degree.
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