All eyes are on Brazil and how the South American country’s crop production will impact American producers. According to Brazilian ag industry leaders, producers in that country are going to expand soybean acreage and reduce corm.
Brazil just took the top corn exporter spot from the U.S. this year, but CONAB says low prices and El Niño could result in a five percent drop in corn planting. The corn crop this year is already expected to be down 9.5 percent compared to last year due to high temperatures and lack of rain.
Soybean yields are a different story though, estimated to be up 4.8 percent from last harvest. That would be a record of almost six million bushels. Soybean acreage is expected to grow 2.5 percent to 112 million acres despite prices being the lowest since the pandemic.
