CONAB Boosts Brazil Corn Crop Estimate Amid Record Soybean Production

Brazil's agricultural agency, CONAB, has slightly increased its estimate for the country's corn crop. The revised figure stands at 144.01 million tons, a 0.7% increase from August and 2% above the previous year.

The second corn crop, accounting for most of Brazil's exports, is expected to be 112.131 million tons, up 1% from last month but down 1% compared to this time last year as harvest nears completion.

Conversely, third crop production is anticipated to drop sharply due to lower planted areas, while first crop production totaled 29.488 million tons.

Brazil's soybean production, however, reached a record high of 180.407 million tons, with exports also expected to reach an all-time high at 116.2 million tons.