BRASILIA, BRAZIL — Conab, the Brazilian government’s food supply and statistics agency, is estimating a record soybean crop for the nation and a rebound in corn production for the 2021-22 season.

Soybean production is estimated at 141.3 million tonnes, an increase of 5.3 million tonnes from last season, which was a record. Brazil is working to meet demand expectations, particularly from China.

Corn production is estimated at 115.9 million tonnes, a 29% increase from last year, which declined due to climate factors.

A recovery of corn stocks is expected to reach 9.9 million tonnes. Exports are expected to increase to 39 million tonnes from 23.5 million tonnes, Conab said.