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USDA FAS raises Brazil corn guess

The USDA’s Foreign Ag Service is projecting record corn production for Brazil.

The FAS estimates Brazil’s combined corn crop at 133 million tons, 8 million more than last year following a 1.3% increase in planted area and generally better growing weather.

Brazil’s corn exports are seen at 54 million tons, 4 million higher than a year ago, leading to more competition for the U.S. and potentially making Brazil the world’s largest exporter.

USDA does say any further significant expansion in corn production by Brazil could be limited by logistical issues including transportation and storage.

A new corn production estimate from Brazil’s government agency CONAB is out Thursday.