USDA has lowered soybean production in Brazil by 2 million metric tons (mmt) to 161 mmt or 5.9 billion bushels. The change marks one significant change to the crop production numbers in the agency’s latest World Agricultural Supply and Demand Estimates (WASDE) report. Brazil’s exports increased by 2 mmt to 99.5 mmt despite the lowered production.

Few changes were made to U.S. supplies and demand, proving neutral for corn, soybeans and wheat. For livestock, December’s WASDE shows stability through the end of the year for beef production levels but voiced concerns for increased 2024 production which has already led to significant market pressure.

Read more from the latest WASDE report here.