In its February supply and demand report, the U.S. Department of Agriculture projected Brazil’s soybean production this year at 134 million tons, down from a forecast of 139 million tons in January. Argentina soybean production is forecast at 45 million tons, down from 46.5 million tons forecast last month.

By contrast, analysts on average expect Brazil to produce 133.65 million tons of soybeans and Argentina to produce 44.51 million tons.

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