Brazil Soybean Crop

Earlier this week Brazil's supply agency CONAB increased its soybean crop estimate to 58.1 million tonnes from 57.6 million tonnes last month.

The increase was attributable to them upping their output estimate from Rio Grande do Sul by half a million tonnes to 8.3 million tonnes.

RGdS is Brazil's most southerly state, and the country's third largest producer of soybeans, and therefore generally the last to wrap up the harvest.

This increase in production has private analysts scratching their heads, with most still pegging national output at 55-56 million tonnes, and that for RGdS at 7-7.5 million tonnes.

It will be interesting to see what the USDA have to say on Brazilian output later today.