<article><p class="lead">Brazil's soybean output in the current 2019-20 season is expected to reach a 126mn t record, the US Department of Agriculture (USDA) said today, in a 1mn t upward revision from last month's forecast.</p><p>The estimate, if accurate, would represent a nearly 8pc increase from the prior year, according to USDA's monthly <i>World Agricultural Supply and Demand Estimates (Wasde)</i> report. </p><p>USDA's estimate comes just after the Brazilian agricultural statistics agency (Conab) also raised earlier today its projection for soy production in 2019-20 to a 124.2mn t record. With this volume, Brazil surpasses the US as the global top producer of the commodity.</p><p>Brazil's soy exports are on track to reach 77mn t this season, flat in comparison to February's estimate, but higher than the 74.6mn t shipped in 2018-19, USDA said. The South American country is the global top exporter of the oilseed.</p><p>The department also forecasts soyoil production of 8.4mn t and soymeal output of nearly 34mn t.</p><p>Regarding corn, USDA maintained its estimate at 101mn t output from last month's <i>Wasde</i> report, with 36mn t in exports through the current cycle. The department, however, slightly raised its domestic feed projection, to 57mn t from 56.5mn t in February, likely reflecting the higher demand from the meat industry.</p><p class="bylines">By José Roberto Gomes</p></article>
