South America Calling

Brazil's Ag Ministry Lowers Soy, 2nd Corn View

Brazil's Agriculture Ministry was the latest to lower its local soybean view Thursday.

It dropped its number by 1.3 million metric tons to 94.6 mmt due to dry conditions in the top-producing Center-West region between Nov. 15 and Jan. 15, which has significantly curtailed yield potential, it said. The ministry's figure is in line with the USDA estimate released earlier this week, but still higher than some local estimates that peg the crop between 91 mmt and 92 mmt.

The ministry also lowered its second-crop corn figure, by 1.1 mmt to 48.3 mmt, reflecting a 2% reduction in forecast planted area. The cut is due principally to the delay in soybean planting, which has a knock-on effect on corn.

However, the summer corn figure was raised slightly, resulting in total corn production of 78.4 mmt, down 2.1% on the year before.

(CZ)

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