Brazil’s National Company of Food Supply this week raised the nation’s soybean production estimate by nearly 2 million tons to what would be a record 72.2 million tons. A crop this size would be up 5 percent from last year’s record crop.

The Brazilian government agency reported good prospects for excellent yields in the south and the losses to late season rains in the center-west were minimal. The report said that while heavy March rains in the center-west caused harvesting difficulties and subsequent quality issues they did not result in significant losses to the crop, which had enjoyed excellent weather conditions for most of the season.

Source: Brazil National Company of Food Supply