USDA raises Brazil soybean crop
In its March 9 World Agricultural Supply and Demand Estimates report, the U.S. Department of Agriculture forecast Brazil’s soybean crop in the current year at a record 108 million tonnes, up 4% from its prior forecast and above the latest official forecast from Brazil of 107.6 million tonnes.
The crop in Brazil is more than 50% harvested. At the same time, the USDA raised its forecast of U.S. soybean carryover on Sept. 1, 2017, by 15 million bushels from February to 435 million bushels, based on an expected 10-million-bushel increase in domestic crush, at 1.940 billion bushels, and a 25-million-bushel decrease in exports, at 2.025 billion bus.
Crush was raised based on increased soybean meal disappearance while exports were lowered on increased production and exports for Brazil, the USDA said.
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