USDA lowers Brazil soybean guess slightly

The USDA has lowered its outlook for Brazil’s soybean crop slightly.

The crop is now seen at 155 million tons, 1 million less than in February, towards the high end of pre-report estimates, and considerably larger than most private projections, with CONAB’s update out on the 12th.

This guess was calculated before Brazil’s ongoing soybean harvest reached the halfway mark.

The USDA also raised its export outlook for Brazil to 103 million tons and increased China’s import estimate to 105 million tons.

There were no changes for Argentina’s soybean crop or Brazil’s corn crop, but Argentina’s corn projection was up 1 million tons to 56 million, with the USDA’s corn export figures for Argentina and Ukraine both above a month ago.

The USDA’s next round of supply and demand estimates is out April 11th.

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