AgRural cuts Brazilian soybean, corn crop estimates due to drought... AgRural cut its Brazilian soybean crop forecast to 144.7 MMT from 145.4 MMT previously due to drought impacts in Parana. The firm says, “Despite the difficulties in planting, which is still ongoing, there has been no production cut in Rio Grande do Sul, due to the late calendar in the state.”
AgRural cut its Brazilian corn crop estimate by 1.1 MMT to 114.4 MMT amid “heavy [production] losses in Rio Grande do Sul.”
Reuters poll: Brazilian soybean production to rise 5%... Brazil is expected to harvest a record 144.1 MMT soybean crop, according to a Reuters poll of analysts, representing a 5% increase from 2020-21. The poll showed Brazilian farmers planted a record 40.35 million hectares to soybeans, up 3.7% from last year, as Brazilian farmers took advantage of early rains.
Brazil cuts GDP forecasts. . . Brazil’s central bank trimmed this year’s economic growth forecast to 4.4% from 4.7% previously. For next year, the central bank expects the country’s GDP to rise only 1%, down from its prior forecast for 2.1% growth.
