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Soybeans, corn up on lower Brazil estimates

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Soybeans were higher on commercial and technical buying. CONAB lowered its outlook for Brazil’s crop, but it’s still above some private estimates. Production is now pegged at 160.177 million tons, 1.4% less than November, but 3.6% more, if realized, than a year ago. CONAB also lowered its export outlook for Brazil slightly. Near-term forecasts for dry areas of Brazil do have some rain, but the coverage and totals are questionable, while parts of southern Brazil remain excessively wet.

Soybeans, corn up on lower Brazil estimates