South America Calling

Brazil's Agriculture Ministry basically held its 2014-15 soybean forecast steady in its latest crop report released early Friday.

Output is pegged at 95.9 million metric tons (mmt), up marginally from 95.8 mmt last month and 11.4% higher than the 86.1 mmt recorded last year.

The forecast is at the top end of Brazilian crop forecasts, which range from 91 mmt to 97 mmt.

The delays caused by dry weather in the center-west mean crops are at varied stages of development, but generally beans are in excellent condition and pest and disease levels are low, said the government.

In the south, strong yields are projected based on an increase in technology use.

The ministry raised its summer-crop corn projection from 29.3 mmt to 29.6 mmt, based on decent growing conditions. With the second-crop forecast stable at 49.4 mmt, Brazil is predicting only a small decline in overall 2014-15 production of 1.1% to 79.1 mmt.

Exports from the 2014-15 season are pegged at 20.0 mmt, slightly down from 20.5 mmt seen in 2013-14.

(AG)

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