South America Calling
Alastair Stewart South America Correspondent

Thursday 04/10/14

Brazil's Government Raises Soy Crop View to 86.1 MMT

Brazil's Agriculture Ministry Thursday raised its forecast for the 2013-14 soybean crop to 86.1 million metric tons (mmt) from 85.4 mmt last month.

The figure, compiled by the ministry's crop supply company, or Conab, is 5.6% higher than last year and brings the government number in line with private forecasts issued over the last couple of weeks.

The increase was due to an adjustment in forecast planted area. Conab added 514,000 acres to its April number, taking area to 74.1 million acres.

Drought, pests and disease hurt production in the south, while rain delayed the harvest but did not significantly affect yields in the top soybean-producing state of Mato Grosso.

Brazilian corn output was pegged at 75.5 mmt, slightly higher than the March number of 75.2 mmt but down 7.4% from last year.

The summer crop was pegged 8.9% lower than last year at 31.5 mmt due to dry weather in the southeast and a significant decline in planted area in the southern state of Parana.

The outlook for the second crop is for a 6.4% drop in production to 43.9 mmt. The crop has benefited from ample rain over the last month in Parana, the No. 2 second corn state, and is developing well.

However, the situation in Mato Grosso, the No. 1 second-corn state, is of concern after heavy rains impeded many farmers from planting the crop in the recommended window.

This factor and strong competition for area from wheat in Parana, prompted Conab to lower its second-crop corn area forecast last month. However, the latest survey indicated that more farmers have been lured into planting winter corn by the recent recovery of prices and the area forecast was raised by 350,000 acres to 21.8 million acres in April.

Corn exports are pegged at 19.5 mmt in 2014-15, down from 26.2 mmt in 2013-14.

(AG)

Posted at 10:12AM CDT 04/10/14 by Alastair Stewart
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