Brazil’s Conab has boosted its soybean crop estimate by 1.5 million mt and trimmed its corn production estimate to 87.3 million mt in its monthly update, disappointing analysts who had been expecting an increase in corn and a bigger rise in soybean. The monthly report said the positive impact of rains on the Brazilian crop had been overestimated by market analysts who were anticipating a yield at 3.27 kg/ha, and had anticipated a 2.5 million mt increase in production to push the expected crop just above last year’s record production level of 114.08 million mt. However, Conab expects an average yield of 3.23 kg/ha, an increase on last month’s report, but still below last year’s 3.36 kg/ha.