Corn growers in Brazil, the world’s third-largest producer, will harvest more than previously forecast, the government said.
The outlook for the crop year that started Sept. 1 was increased to 69.5 million metric tons from 67.8 million tons estimated on June 5, the Agriculture Ministry’s crop-forecasting agency, known as Conab, said in a report today. Production will rise from 57.4 million tons in the previous crop year.
The forecast for soybean output was little changed at about 66.4 million tons. Production will drop from 75.3 million tons 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.