Brazil expecting record soybean harvest as global corn prices fall

In Brazil, Bloomberg is reporting that Brazil is looking at a record soybean harvest after US corn prices have plunged, dampening enthusiasm for planting maize.

Soybean prices have dropped 5.5 percent this year, while corn prices are off 18 percent and more than 50 percent off 2008 highs that reached $8 per bushel. In addition, favorable rains are influencing predictions for a crop as large as 64 million metric tons, compared to the previous record of 60 million tonnes established in 2008.

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