CONAB, the supply arm of Brazil's ag ministry, has boosted its estimate of the country's 2007-2008 soybean crop to 59.5 million tons from 58.5 million, due mostly to favorable growing weather and technological advances, according to the Brock Report.

The report wasn't a big surprise since most private estimates out of Brazil were already higher and USDA sees a 60.5-million-ton crop.

CONAB also raised its corn production estimate by 1.7 million tons to 55.3 million. USDA's estimate at press time is 50 million tons.