Soybean growers in Brazil, the world’s second-largest producer, will harvest less than previously forecast after drought pared output, the government said.
The forecast for the crop year that started Sept. 1 was reduced to 66.4 million metric tons from 66.7 million tons estimated on May 10, the Agriculture Ministry’s crop-forecasting agency, known as Conab, said in a report today. Production will fall from 75.3 million tons in the previous crop year.
The forecast for corn output was raised to 67.8 million tons from 65.9 million tons. Brazil, the world’s third-largest grower of the grain, produced 57.4 million tons of corn in the previous crop year.
The U.S. is the world’s largest producer of soybeans and corn. China is the world’s second-biggest corn grower.
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