USDA reduces Brazilian soybean crop estimate

According to the United States Agriculture Department (USDA), Brazil is expected to harvest 124.5 million tons of soybeans in the 2019/2020 season. The South American country’s monthly estimate was reduced by 1.5 million tons.

On the other hand, the USDA increased its forecast for Brazilian soybean exports in the 2019/20 harvest period to 78.5 million tons, up from 77 million in the March forecast. The US government agency also increased its projection of soy imports by China, the largest global importer of the oilseed, by 1 million tons to 89 million tons in 2019/20.

Source: Reuters

Sharing is caring!