La Nina Halts Brazil Soy Record as Analysts Slash Forecasts
- Production expected to fall from last year’s high on drought
- Far south of Brazil and Argentina may see additional losses
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The world’s largest soybean producer and exporter will fail to deliver a record crop this year.
Crop forecasters have slashed their estimates for Brazil’s soy output as persistent drought and heat caused losses in the nation’s south. Production is now seen below last year’s level, when the South American nation reaped 137.3 million tons. The harvest could have reached as much as 145 million tons this season, according to initial forecasts.