BRASILIA, BRAZIL — Brazil’s crop estimating agency, Conab, on Aug. 10 raised its official corn crop estimate for the current marketing year to a record 129.9 million tonnes, up 2.2 million from its previous estimate. The upward revision is due to safrinha corn production being higher than previously forecast.

Conab also raised its 2022-23 corn exports forecast to 50 million tonnes, an increase of 2 million from its prior outlook.

The agency also increased its estimate for soybean production by 100,000 tonnes to a record 154.6 million. Conab kept its 2022-23 soybean export forecast at 95.6 million tonnes.

Brazil is projected to be the world’s leading soybean producer and exporter in 2023-24 and also is projected to lead the world in corn exports while ranking third in output, according to the most recent estimates from the Foreign Agricultural Service of the US Department of Agriculture.