Soybean growers in Brazil, the world’s second-largest producer, will harvest less than previously forecast after dry weather damaged crops in the country’s south, the government said.
The outlook for the crop year that started Sept. 1 was cut to 65.6 million metric tons from 68.7 million tons estimated on March 8, 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 65.1 million tons from 61.7 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.